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.
