KARACHI: The Roosevelt Hotel in New York City, owned by Pakistan’s national carrier, announced on Thursday it would shut down on October 31, citing “economic impacts.”
The hotel opened on September 23, 1924 and was leased by Pakistan International Airlines (PIA) in 1979, with an option to purchase the building after 20 years, which it did in 1999.
“Due to the current economic impacts, after almost 100 years of welcoming guests to The Grand Dame of New York, the Roosevelt Hotel is regretfully closing its doors permanently as of Oct 31, 2020,” an announcement posted on the hotel’s website said.
Government officials said the hotel would not be sold off but its share might be floated.
“No decision has been made as the financial advisor is hired,” Muhammad Bashir Khan, parliamentary secretary for privatization, told Arab News. “Will give shares but the ownership will remain with the government. Renovation work is being done and it will be reopened.”
Khurram Shahzad, a members of the Standing Committee of the National Assembly on Privatization, said a meeting would be held on Monday to “decide about the future plan for the hotel.”
On July 2, 2020, the Cabinet Committee on Privatization held a meeting on the privatization of Roosevelt Hotel, directing the privatization commission to hire a financial adviser to start the privatization process in the light of a report by Ms Deloitte which recommended, “that the highest and best use of the Roosevelt Hotel Property is to redevelop the site into a mixed use (through Joint Venture) of primarily office tower over retail and condominium.”
PIA officials say the Roosevelt hotel has remained profitable throughout its history and suffered a loss of $1.5 million last year.
In September this year, the government had approved up to $142 million to meet the hotel’s financial challenges.
After 100 years, PIA’s Roosevelt Hotel in New York to shut on Oct 31
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After 100 years, PIA’s Roosevelt Hotel in New York to shut on Oct 31
- The hotel opened in 1924 and was leased by Pakistan International Airlines in 1979 and bought by the company in 1999
- Meeting to be held on Monday to “decide future plan for the hotel” which PIA does not plan to sell, officials say
Pakistani stocks hit new high on upbeat data, major earnings announcement due this week
- The benchmark KSE-100 index gained 2,653.87 points, or 1.45 percent, to close at 182,408 points
- United Bank Limited emerges as largest listed company, with capitalization crossing $4.6 billion
ISLAMABAD: The Pakistan Stock Exchange (PSX) on Tuesday continued its bullish run and crossed the 185,000-point mark for the first time ever, analysts said, with investors opting for equities rather than fixed-income assets amid prevailing positive sentiment.
The benchmark KSE-100 index at the Pakistan Stock Exchange (PSX) gained 2,653.87 points, or 1.45 percent, to close at 185,062.10 points, up from the previous close of 182,408.23 points.
Ahsan Mehanti of Arif Habib Commodities attributed the bullish run to major earnings announcements due this week as well as upbeat data for cement, fertilizer and oil sales in Dec.
“Surging global equities and government deliberations over privatization of SOEs (state-owned enterprises) played a catalyst role in record close at PSX,” he said.
During Tuesday’s session, United Bank Limited (UBL) emerged as the largest listed company on the PSX, with its market capitalization crossing Rs1.29 trillion ($4.6 billion) and overtaking the Oil and Gas Development Company Limited (OGDCL), according to Arif Habib Limited brokerage firm.
Pakistan’s stock market has marked a strong start to 2026 as broad-based institutional buying has lifted major sectors and bolstered investor confidence at the beginning of the year. The market has gained more than 10,000 points since the start of the new year.
On Monday, Najeeb Ahmed Khan Warsi, chief business officer at Al-Habib Capital Market Private Limited, said the surge was driven by “liquidity influx, positive listed company results and supportive government policies.”
