Islamabad: The government has decided to revive the Roosevelt Hotel in New York and open it for business to turn it into a profitable project, news sources reported on September 14.
The decision was taken by the Economic Coordination Committee (ECC) based on the summary submitted by the Aviation Division on ‘Challenges to Roosevelt Hotel, New York, Property of PIA-Investment Limited (PIA-IL) and Way Forward’ and approved the proposals of exploring options to reopen the hotel.
After deciding not to privatize the property, the government has decided to set up a joint venture (JV) project for prospective mixed-use development. In a letter to Pakistan International Airlines-Investment Limited (PIA-IL), the government has asked the authorities to start the reopening process and hold negotiations with the labour unions in the USA that are protesting the hotel’s privatization. The government has also sought estimation studies to reopen the hotel. According to the news report, previously, government agencies estimated that over USD 3 million would be required for the restoration and rehabilitation of the hotel.
It is important to mention that the Roosevelt Hotel is owned and managed by PIA-IL and was at the centre of international arbitration between the government of Pakistan and the Tethyan Copper Company (TCC) over the Reko Diq mines. However, following the out-of-court settlement with TCC, the government was able to get back the hotel and decided to close the operations.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
