Financial crisis worsens: Roosevelt Hotel in NYC seeks $17.3m bailout package

By: News Desk      Published: 12:40 PM, 28 Jun, 2021
Financial crisis worsens: Roosevelt Hotel in NYC seeks $17.3m bailout package

The financial crisis of Roosevelt Hotel in New York City began to worsen as Roosevelt Hotel has sought a bailout package of $17.3 million and Aviation Division also demanded $9 million which have been already approved by the Ministry of Finance, reported 24NewsHD TV channel quoting its sources.

Sources said that the Roosevelt Hotel needs $75 million in the current year as the hotel’s expenses, pensions and dues are increasing day by day.

The Finance Ministry has directed the Roosevelt Hotel in New York City to cut more expenses and also directed Aviation Division to control the Roosevelt Hotel expenses.

The Roosevelt Hotel is located at 45 East 45th Street (between Madison Avenue and Vanderbilt Avenue) in Midtown Manhattan, New York City and was named in honour of President Theodore Roosevelt. The hotel opened on September 22, 1924 and closed permanently on December 18, 2020.

Reporter: Waqas Azeem

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