Islamabad: The Pakistan International Airlines Investments Limited (PIAIL) has sought government funding worth USD 125 million for reviving the Roosevelt Hotel; with the matter scheduled for the Economic Coordination Committee (ECC)’s consideration in its meeting session of today (August 12), a news source reported.
The funds will allow the PIAIL to rescue the hotel from its debt trap and help revive it. The funds have been requested since the investment company cannot borrow funds due to lack of cash flow and pledged assets while the PIA Corporation Limited is not financially healthy enough to repay the PIAIL in the near future.
Moreover, like in the hotel businesses around the world, the Roosevelt Hotel has also faced the crunch of the coronavirus pandemic and has experienced monetary constraints as a result. The PIAIL chairman has also provided the authorities relevant details about financial challenges being faced by the company in running the hotel.
