Karachi: PIA decides to shut the historic Roosevelt Hotel within the United States.
PIA spokesman Abdullah Khan confirmed the closure of Roosevelt, saying that the PIA Roosevelt Hotel in New York could be closed from October 31. The spokesman stated that the Roosevelt Hotel was being closed as a consequence of monetary prices and that monetary consultants could be employed to determine the way forward for the Roosevelt Hotel.
It needs to be famous that the PIA-owned resort is in debt and its belongings are in danger, whereas the Cabinet's Economic Co-ordination Committee additionally introduced the approval of funds for the Roosevelt Hotel.
In 1979, PIA leased it to Prince Faisal bin Khalid bin Abdulaziz Al Saud of Saudi Arabia. One of the phrases of the lease was that after 20 years, PIA may purchase the resort constructing if it wished to, and the resort was purchased by PIA in 1999 for 36 million. The firm additionally fought a protracted authorized battle with resort proprietor Paul Milstein and received.