Photonews Logo Photonews logo
  • Home
  • Pakistan
    • Punjab
    • Sindh
    • Khyber Pakhtunkhwa
    • Azad Jammu Kashmir
    • Balochistan
    • Gilgit – Baltistan
  • World
  • Business
  • Entertainment
  • Videos
    IShowSpeed Daniel La Belle race
    Videos

    IShowSpeed Beats Daniel La Belle in 40-Meter Race, Hits 41M Subscribers

    June 24, 2025 2 Min Read
    Cardi B new single Outside
    Videos

    Cardi B’s ‘Outside’ Single Sparks Buzz Over Offset and Stefon Diggs

    June 20, 2025 2 Min Read
    Squid Game Season 3
    Videos

    Squid Game Season 3: Final Trailer Unveils Epic Plot

    June 14, 2025 2 Min Read
  • Sports
  • Technology
  • Offbeat
  • Blog
  • Contact
Reading: Roosevelt Hotel’s Reopening: ECC Approves Bridge Financing and Committee Formation
PhotoNews Pakistan PhotoNews Pakistan
Font ResizerAa
Search
  • Home
  • Pakistan
    • Punjab
    • Sindh
    • Khyber Pakhtunkhwa
    • Balochistan
    • Azad Jammu Kashmir
    • Gilgit – Baltistan
  • World
  • Business
  • Entertainment
  • Videos
  • Sports
  • Technology
  • Offbeat
  • Blog
  • Contact
Have an existing account? Sign In
Follow US
© 2022 Photonews. All Rights Reserved.
Roosevelt Hotel privatisation
PhotoNews Pakistan > Business > Roosevelt Hotel’s Reopening: ECC Approves Bridge Financing and Committee Formation
Business

Roosevelt Hotel’s Reopening: ECC Approves Bridge Financing and Committee Formation

Web Desk
By Web Desk Published April 28, 2023 2 Min Read
Share
Pakistan Airline Roosevelt Hotel in New York.
SHARE

The Economic Coordination Committee (ECC) on Friday approved Pakistan International Airlines Investment Limited (PIA-IL) to use $1.145 million from its existing balance as bridge financing.

The decision will facilitate the reopening the Roosevelt Hotel in New York City, United States.

Following the Ministry of Aviation’s recommendations on the hotel’s reopening, the ECC also approved the formation of a four-member committee. This team will be responsible for negotiating with the New York City Government and the Hotel Union to address any concerns and finalize the terms for the hotel’s reopening.

During a Cabinet meeting chaired by Finance Minister Ishaq Dar, the Ministry of Aviation provided a comprehensive summary of the challenges faced by the Roosevelt Hotel and the proposed plans for its reopening. The Ministry highlighted the difficulties in the current situation, emphasizing the need for a strategic approach to revive the hotel’s operations.

Furthermore, the ECC was informed that the PIA-IL management had received a proposal from the New York City government. Under this proposal, the city government would utilize the Roosevelt Hotel for three years to accommodate migrant businesses. The suggested arrangement involved a daily rate of $200 per room, which could provide a steady source of income for the hotel during the reopening phase.

The ECC’s decision to grant the necessary bridge financing and form a dedicated negotiation committee signifies the importance of the Roosevelt Hotel’s reopening to PIA-IL and the Ministry of Aviation. By working closely with the New York City Government and the Hotel Union, the parties hope to overcome the challenges and ensure a successful reopening of the historic Roosevelt Hotel.

TAGGED:Featured
Share This Article
Facebook Twitter Pinterest Whatsapp Whatsapp LinkedIn Email Copy Link Print
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Advertisement

HBL Saving Made Easy
HBL Saving Made Easy

Recent Posts

Pakistan Government Debt 2025

Pakistan’s Central Government Debt Hits Rs76 Trillion as of May 2025

Drake Disses LeBron James on New Track "What Did I Miss?

Drake Disses LeBron James on New Track “What Did I Miss?” from ICEMAN Album

Diogo Jota

Liverpool to Pay Diogo Jota’s Remaining 2 Years Contract to Family

Post Archives

More Popular from Photonews

Jack Quaid Heads of State
Entertainment

Jack Quaid Steals Spotlight in Heads of State 2025 Cameo

2 Min Read
Microsoft Autonomous AI Agents
Pakistan

Microsoft Closes Pakistan Office After 25 Years

2 Min Read
Ferrari Amalfi 2025
Blog

Ferrari Amalfi 2025: Roma Successor Unveiled with Stunning Upgrades

4 Min Read
Tech

Abee AI Station Unveils Ryzen AI Max 395 Powerhouse

Chinese tech manufacturer Abee unveiled the AI Station, a compact workstation powered by AMD’s Ryzen AI…

July 4, 2025
Entertainment

Justin Bieber’s Cryptic Instagram Posts Spark Concern for His Well-Being

Justin Bieber’s recent Instagram activity has left fans confused and concerned. The 31-year-old singer shared a…

June 29, 2025
Entertainment

Squid Game Season 3: Why VIP Scenes Were Cut, Editor Explains

On July 3, 2025, Squid Game editor Nam Na-young revealed why numerous VIP scenes were cut…

July 3, 2025
Punjab

Maryam Nawaz Orders Arrests Over Pakpattan Hospital Infant Deaths

Punjab Chief Minister Maryam Nawaz ordered the arrest of two senior officials and suspended three doctors…

July 5, 2025
PhotoNews Pakistan

Always Stay Up to Date

Subscribe to our newsletter to get our newest articles instantly!

Categories

  • World
  • Pakistan
  • Punjab
  • Sindh
  • Khyber Pakhtunkhwa
  • Balochistan
  • Azad Jammu Kashmir

 

  • Top News
  • Business
  • Entertainment
  • Sports
  • Videos
  • Tech
  • Offbeat
  • Blog

© 2024 Phototnews
All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?