Roosevelt Hotel of PIA Leased Out to New York City Firm for 3 Years:
Pakistan International Airlines (PIA) has entered into a lease agreement with the management of the New York City Health and Hospitals Corporation, pertaining to the Roosevelt Hotel located in New York, USA. According to the terms of the agreement, the local corporation will be responsible for operating the hotel for a period of three years, specifically to provide accommodation for “housing migrants.” Additionally, the agreement includes an 18-month guarantee from the corporation to PIA Investment Management.
Following the recent agreement, the hotel has resumed its operations. In a separate development, last month, the Economic Coordination Committee (ECC) of the Cabinet granted approval for the establishment of a committee to engage in negotiations with the New York City government and the Roosevelt Hotel Union, with the aim of reopening the hotel.
PIA-IL management received an opportunity from the New York City government to utilize the hotel’s 1,025 rooms for migrant-related activities over a span of three years. The ECC authorized the utilization of funds by PIA-IL/RHC for the purpose of reopening the hotel.