PIA's iconic Roosevelt Hotel in New York to permanently close doors on Oct 31

NEW YORK (92 News) - The Pakistan International Airline's (PIA) iconic Roosevelt Hotel will permanently close doors from October 31 due to financial constraints, according to a statement on the hotel's website.

"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," the notice said.

"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 statement, however, was later removed from the website but the hotel's front desk is not accepting reservations post-October 31. When contacted, the staff said that the hotel is being closed but refused to share further details in this regard.

The Roosevelt Hotel, established in 1924, is among the historic hotels in the US and is situated in the luxurious downtown area of Manhattan. US President Donald Trump had also made an offer to buy the hotel’s building.

The PIA acquired the hotel on lease in 1969 and in 2005 acquired its ownership rights. Currently, the hotel is worth over US$1 billion.

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.