The government of Pakistan has given a green signal for the renovation of Pakistan International Airlines’ (PIA) Roosevelt Hotel in New York. In order to make it profitable the building will be transformed in to a ‘mixed-use’ building.
$27 million will be used for the renovation of the hotel. A feasibility study has been approved by the government on renovating the building by 30th June 2019. Also, a report on its privatization is sought by the government till the same date.
Roosevelt Hotel’s renovation would cost $27 million and it is expected that it will complete by April 2020 as informed to the Cabinet Committee on Privatization.
Civil Aviation Division has also presented a procedure through which the hotel can be transformed into a mixed-use building. The committee is informed that this conversion can create incremental revenue.
The committee reflected on converting the hotel site into a mixed-site building but said that before that a professional study must be conducted so that a sound decision is made.
Roosevelt hotel was launched back in 1924, named after an ex-US President Theodore Roosevelt. He was also the governor of New York state earlier. The hotel is equipped with 1015 rooms that includes the 52 suites. Some of the suites in the hotel are the most comfortable and luxurious in Manhattan.