{"id":88766,"date":"2022-09-18T10:00:00","date_gmt":"2022-09-18T05:00:00","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=88766"},"modified":"2022-09-16T17:16:32","modified_gmt":"2022-09-16T12:16:32","slug":"govt-reopening-roosevelt-hotel-new-york","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/govt-reopening-roosevelt-hotel-new-york.html","title":{"rendered":"Govt mulls reopening Roosevelt Hotel in New York"},"content":{"rendered":"\n<p>Islamabad: The government has decided to revive the Roosevelt Hotel in New York and open it for business to turn it into a profitable project, news sources reported on September 14.&nbsp;<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/qatar-roosevelt-hotel-usd-3-in-pak.html\" data-type=\"post\" data-id=\"88227\" target=\"_blank\" rel=\"noreferrer noopener\">Qatar interested in running of Roosevelt Hotel, investing USD 3 in Pak<\/a><\/p>\n\n\n\n<p>The decision was taken by the Economic Coordination Committee (ECC) based on the summary submitted by the Aviation Division on \u2018Challenges to Roosevelt Hotel, New York, Property of PIA-Investment Limited (PIA-IL) and Way Forward\u2019 and approved the proposals of exploring options to reopen the hotel.&nbsp;<\/p>\n\n\n\n<p>After deciding not to privatize the property, the government has decided to set up a joint venture (JV) project for prospective mixed-use development. In a letter to <a href=\"https:\/\/www.zameen.com\/news\/piail-seeks-govt-funding-revive-roosevelt-hotel.html\" data-type=\"post\" data-id=\"69217\" target=\"_blank\" rel=\"noreferrer noopener\">Pakistan International Airlines-Investment Limited (PIA-IL)<\/a>, the government has asked the authorities to start the reopening process and hold negotiations with the labour unions in the USA that are protesting the hotel\u2019s privatization. The government has also sought estimation studies to reopen the hotel. According to the news report, previously, government agencies estimated that over USD 3 million would be required for the restoration and rehabilitation of the hotel.&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/pia-skardu-faisalabad.html\" data-type=\"post\" data-id=\"77576\" target=\"_blank\" rel=\"noreferrer noopener\">PIA to operate Skardu-Faisalabad flights<\/a><\/p>\n\n\n\n<p>It is important to mention that the Roosevelt Hotel is owned and managed by PIA-IL and was at the centre of international arbitration between the government of Pakistan and the <a href=\"https:\/\/www.zameen.com\/news\/reko-diq-pakistan-deal-canadian-firm.html\" data-type=\"post\" data-id=\"84738\" target=\"_blank\" rel=\"noreferrer noopener\">Tethyan Copper Company (TCC)<\/a> over the Reko Diq mines. However, following the out-of-court settlement with TCC, the government was able to get back the hotel and decided to close the operations.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The government has decided to revive the Roosevelt Hotel in New York and open it for business to turn it into a profitable project, news sources reported on September 14.&nbsp; Read: Qatar interested in running of Roosevelt Hotel, investing USD 3 in Pak The decision was taken by the Economic Coordination Committee (ECC) based on the summary submitted by the Aviation Division on \u2018Challenges to Roosevelt Hotel, New York, Property of PIA-Investment Limited (PIA-IL) and Way Forward\u2019 and approved the proposals of exploring options to reopen the hotel.&nbsp; After deciding not to privatize the property, the government has decided to set up a joint venture (JV) project for prospective mixed-use development. In a letter to Pakistan International Airlines-Investment Limited (PIA-IL), the government has asked the authorities to start the reopening process and hold negotiations with the labour unions in the USA that are protesting the hotel\u2019s privatization. The government has also sought estimation studies to reopen the hotel. According to the news report, previously, government agencies estimated that over USD 3 million would be required for the restoration and rehabilitation of the hotel.&nbsp;&nbsp;&nbsp; Read: PIA to operate Skardu-Faisalabad flights It is important to mention that the Roosevelt Hotel is&hellip;<\/p>\n","protected":false},"author":84,"featured_media":64102,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15017],"tags":[54121,54122,33449],"persona":[],"class_list":{"0":"post-88766","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-notices-announcements","8":"tag-govt-mulls-reopening-roosevelt-hotel-in-new-york","9":"tag-newyork-roosevelt-hote","10":"tag-roosevelt-hotel","11":"cat-15017-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Govt mulls reopening Roosevelt Hotel in New York - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The government has decided to revive the Roosevelt Hotel in New York and open it for business to turn it into a profitable project, news\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/govt-reopening-roosevelt-hotel-new-york.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Govt mulls reopening Roosevelt Hotel in New York - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The government has decided to revive the Roosevelt Hotel in New York and open it for business to turn it into a profitable project, news\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/govt-reopening-roosevelt-hotel-new-york.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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