Mystery surrounding Roosevelt Hotel remains unresolved
The mystery surrounding the Roosevelt Hotel affairs continues to generate uncertainty, as sources say the government has decided to shut the facility for one-and-a-half year, with its managing director refusing to comment on the issue, reported 24NewsHD TV channel on Saturday.
It is estimated that the possible renovation cost may be up to $100 million. And if 50 to 70 stories new structure is constructed then the expenditure could reach $500 million.
It is Dr Najeeb Sami, 74, during his tenure the profit earned started shrinking. He was appointed as its managing director in 2007. So from 2007 to 2016, the profitable business saw a constant decline in proceeds.
In this connection, 24NewsHD made repeated attempts to contact Dr Najeeb who refused to share any details or make comments on the issue.
On the other hand, the PIA spokesperson, Abdullah Khan, avoided commenting on the appointment of the hotel managing director. However, he said the restructuring of the national flag carrier and the hotel run by it was in progress.
Earlier, the PIA-owned Roosevelt had announced that the facility would be permanently closed from Oct 31 after suffering financial losses due to the coronavirus pandemic.
Established in 1924, one of the historic hotels in the United States is situated in the luxurious downtown area of Manhattan. US President Donald Trump had also made an offer to buy the building.
On September 2, the Economic Coordination Committee (ECC) approved US$142 million funds for paying off the hotel’s debt.