USNew York: Pakistan’s national airline, PIA, has successfully reopened the Roosevelt Hotel in New York after signing a new deal.
Over the course of three years, the Roosevelt Hotel has generated more than seven million dollars in revenue.
The management of PIA has entered into a contract with the New York City Health and Hospitals Corporation for the operation of the Roosevelt Hotel.
According to reports, the New York City Health and Hospitals Corporation will oversee the management of the Roosevelt Hotel for the next three years. As part of the agreement, the hotel will accommodate migrants.
Additionally, the Roosevelt Hotel has been included in the list of privatization targets.
The PIA administration has stated that the American firm has provided an 18-month guarantee to PIA Investment Management in relation to this deal.
The American firm has also reached an agreement with the employees’ union of the Roosevelt Hotel, resulting in the reopening of the hotel.
There has been speculation about US President Donald Trump’s interest in purchasing the Roosevelt Hotel.
It is worth mentioning that the Pakistan Stock Exchange had requested a response from the PIA administration regarding the Roosevelt Hotel.