Daily Times

The Islamabad High Court (IHC) on Monday directed the federal government to submit its response regarding policies on the Roosevelt Hotel in New York. An entity owned by Pakistan International Airlines Investment Limited (PIAIL), the hotel had announced its permanent closure from October 31 on its website citing ‘current economic impacts’. Justice Amir Farooq, presided the hearing of a petition against Roosevelt Hotel’s closure and inquired about the government’s plans for the property. “It is being converted into apartments and offices. The Roosevelt Hotel has its own historical significance, US President Donald Trump also wants to buy it,” replied petitioner’s counsel. The court remarked that the IHC had already disposed of a petition regarding the hotel after the federal government’s statement. The court also directed the assistant attorney general (AAG) to apprise the IHC on the policy matter of the hotel and adjourned the hearing for one week. On October 2, the Senate Standing Committee on Aviation was told that the PIA’s Roosevelt Hotel in New York was not being sold but would either be renovated or reconstructed in the future. “Either the Roosevelt Hotel will be renovated or it will be demolished to build a 100-storey building,” PIA Chairman Arshad Malik told the panel of the upper house, which met under the chairmanship of Senator Mushahidullah Khan. Malik observed that the purpose of reconstructing the hotel was to reduce the expenses and turn it into a profit-making entity. He had told the body that the current market value of Roosevelt Hotel assessed by M/s Deloitte was $562 million. The committee chairman pointed out that the value of the hotel had already been assessed as $1700 million and that it was a profit-making entity a year ago. He asked how it was now going into losses. The PIA chairman replied that since 2015, the property had been making profits and incurring losses as well and added that $105 million were due towards it.