The Pakistan International Airline's (PIA) Roosevelt Hotel will close its doors to customers permanently from October 31 due to financial constraints.
"Due to the current economic impacts, after almost 100 years of welcoming guests to 'The Grand Dame of New York' The Roosevelt Hotel is regretfully closing its doors permanently as of October 31, 2020.
"We have been honored to serve alongside our wonderful staff and to be a part of our many guests’ and clients’ lives and celebrations, who have graced us over these past nine decades," it said.
The hotel said that it was working on alternatives for the guests with a future reservation. "We have enjoyed being as much a part of our guests’ stories as we have been an integral part of the history of Midtown Manhattan since 1924."
The development comes after the Economic Coordination Committee (ECC) on September 2 approved funds worth $142 million to address the financial challenges faced by the PIA-owned Roosevelt Hotel in New York, US.
The decision to grant the PIA the funds was made in a meeting chaired by Adviser to the Prime Minister on Finance and Revenue, Dr Abdul Hafeez Shaikh.
Earlier, the Cabinet Committee on Privatisation had said that it would not be selling the Roosevelt Hotel York but would run it under a joint venture with a third party.
