The Roosevelt Hotel, a Pakistan International Airlines’ (PIA) iconic possession in the heart of Manhattan, New York, is closing its door from October 31 due to volatile economic conditions.
The hotel management announced the news on its website on Thursday.
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.
Named after former US President Theodore Roosevelt, the hotel — which opened its doors in 1924 — has been a PIA property since 1999.
A hotel spokesperson has also confirmed the news.
The hotel’s website said it is working on alternative arrangements for guests who have reservations after the closing date.
We have been honored to serve alongside our wonderful staff and to be a part of our many guests’ and clients’ lives and celebrations, who have graced us over these past nine decades. We have enjoyed being as much a part of our guests’ stories as we have been an integral part of the history of Midtown Manhattan since 1924.
In the US, Pakistan Embassy says it’s unaware of the development and has been referring all inquiries about the hotel to PIA.
However, diplomatic sources have confirmed that the hotel, in talks for privatization, has not been sold out yet.
The hotel has been closed like other hotels in the area because the coronavirus pandemic has almost killed the hotel industry.
The source revealed that the building is still valued at more than a billion dollars, saying that Pakistan should either sell it or convert it into a condominium like other Manhattan hotels hit by COVID-19.
A Sell Out?
Roosevelt has long been in the government’s plans for privatization. To decide on it, the Cabinet Committee on Privatization (CCoP) met in July 2020 with Finance Minister Abdul Hafeez Sheikh in the chair. The CCoP, however, decided against privatization of the hotel and to run it through a joint venture in light of a report by accounting firm Deloitte in July last year.