Roosevelt Hotel earned $7 million in three years: Sarwar

By: News Desk      Published: 12:27 AM, 27 Oct, 2020
Roosevelt Hotel earned $7 million in three years: Sarwar

Aviation Minister Ghulam Sarwar Khan said PIA-owned Roosevelt Hotel earned more than $7 million in three years. 

The asset earned $2.447 million in 2017, $3.164 million in 2018 and $1.495 million in 2019, the minister said in the written reply on Monday. 

In 1979, Pakistan acquired the 19-storey building on partnership and in 1999 the country acquired 100 per cent shareholding. After refurbishment, it started making a profit till 2018. The prime real estate located in the heart of Manhattan – the financial hub of New York. 

A few days ago, the minister rubbished rumours of the government plan to sell the asset, saying:  All reports circulating in the media are nothing more than speculation and political point-scoring.

The minister said the hotel’s management had taken out a loan of $160 million from JP Morgan bank and was making regular payments from its own revenue stream. The balance outstanding at the moment is $105m.

The Roosevelt Hotel is currently operational and has valid contracts until December this year with a number of airlines. Multiple options are being considered for its future and all decisions are made collectively by the hotel’s board and the Government of Pakistan, the aviation minister said.