roosevelt hotel owned by pia

ROOSEVELT HOTELThese slides give brief

introduction about the Roosevelt Hotel, Manhattan, NY, USA

History of Roosevelt The Roosevelt Hotel is a historic luxury

hotel, located in Midtown Manhattan. The hotel is named after the President Theodore Roosevelt and it was opened on September 22, 1924.

It has 1,015 rooms, including 52 suites. Some suites are among the most luxurious available in Manhattan. 

Outside view

Bought by PIA In 1979, PIA, through its subsidiary PIA

Investments Limited, leased the hotel on a 20-year lease, with the option to buy the hotel at a specified price at the end of the lease period. One of the investors in the deal was Prince Faisal bin Khalid bin Abdul Aziz Al Saud of Saudi Arabia.

In 1999, the government decided to purchase the hotel. Pakistan government bought it along with Prince Faisal, for $36.5 million.

One year long court Battle The previous owners of hotel filed a case

that they can not sell hotel for the price which was agreed, arguing that the hotel was worth at least $250 million at the time.

New York courts ruled in favour of the Government of Pakistan in June 2000 after a one year long court battle.

PIA was forced to pay off the $23 million mortgage on the hotel.

Inside View

Notable Events The hotel is one of the best hotels in the

Manhattan, New York and many famous artists have performed there.

The famous speech “Greed is good” of Michael Douglas’ movie Wall Street (1987) was shot in this hotel.

References: https://www.quester.pk/question/what-is-t

he-history-of-the-famous-roosevelt-hotel-new-york-owned-by-pakistan-international-airlines-pia-and-how-much-is-it-worth/

https://en.wikipedia.org/wiki/The_Roosevelt_Hotel_(Manhattan)