The Roosevelt Hotel, owned by the US-based national airline (PIA), has been declared permanently closed. According to details, the hotel management has announced that Roosevelt will be completely closed from October 31. “Hotels was in financial trouble due to the Corona epidemic, with a deficit of 15 1.5 million last year,” the administration said in a statement.
It may be recalled that Roosevelt Hotel was considered one of the most expensive hotels in the world while in Pakistan it was considered as the most important and expensive asset. The PTI government has decided to set up a joint venture instead of privatizing the hotel.
Founded in 1924, the Roosevelt Hotel is one of the most historic hotels in the United States. It is located in the most expensive area of Hutton, New York, and has been offered for purchase by President Donald Trump. The national airline PIA leased the Hotel in 1969 and later acquired it in 2005. The hotel is currently valued at more than 1 billion.