PIA Roosevelt Hotel in US is officially for Sale now
The interim federal government in the United States has expedited the process of selling the Roosevelt Hotel. To streamline the auction of the hotel, the government has called for proposals to appoint a financial advisor. Interested firms must submit their applications for the role of financial advisor by October 9, accompanied by a $1000 fee. The technical documents necessary for submitting these applications can be accessed on the Privatization Commission's website.
It is important to note that an agreement was previously signed between Pakistan International Airlines (PIA) and the management of New York City Health and Hospitals Corporation for the lease of the Pakistan-owned Roosevelt Hotel in the state of New York.
Under this agreement, the hotel will be operated by the local corporation in New York City for a duration of three years and will serve as housing for migrants. Additionally, a settlement agreement has been reached with the employees' union of the Roosevelt Hotel, resulting in the reopening of the hotel.
The Pakistan Stock Exchange has sought a response from the PIA administration regarding the Roosevelt Hotel. Furthermore, the Economic Coordination Committee (ECC) of the PDM Cabinet has given its approval to the Ministry of Aviation's recommendations to establish a committee tasked with negotiating with the New York City government and the Roosevelt Hotel Union to facilitate the reopening of the hotel.
The Ministry of Aviation has submitted a summary that recommends the reopening of the hotel, which boasts 1,025 rooms for migrants' accommodation at a rate of $200 per room per day.
This initiative holds significant implications for the future of the Roosevelt Hotel and its role in housing migrants, with the government actively working towards its reopening and efficient operation