A view of the Roosevelt Hotel is seen in this file photo.
WASHINGTON: Pakistan is considering injecting $35.58 million as second bailout package for the Roosevelt Hotel in Manhattan, New York, that is owned by Pakistan International Airlines Investment Limited (PIAIL), a hotel industry magazine reported on Friday.
The
Hotel Management, a magazine that started in 1922 in New York, also reported that Pakistan’s Economic Coordination Committee of the cabinet had discussed setting up of a panel to provide this bailout package for the property.
According to the report, in September 2020, the panel approved $142m to cater to the immediate financial needs of the hotel. This amount was arranged as a loan from the National Bank of Pakistan with a per annum mark-up of $5.9m.
Pak assets abroad could be seized in corruption cases: Journalist warns Islamabad of incoming meltdown ANI | Updated: Jan 23, 2021 20:06 IST
Islamabad [Pakistan], January 23 (ANI): Amid the controversy surrounding the Broadsheet saga, a Pakistani journalist has warned people in Islamabad who are unnerved by the corruption of civil-military bureaucrats, saying that Pakistan s assets abroad could be seized in other graft cases, including one involving Roosevelt Hotel in New York.
Writing for The Friday Times, Najam Sethi said that Islamabad must get ready for a meltdown when Pakistani assets abroad are sized including the Pakistan International Airlines (PIA) owned Roosevelt Hotel, which is embroiled in Reko Diq case.
Pakistan ready to spend $36 mn more to bail out Roosevelt Hotel, its prime asset in New York
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Pia Krishnankutty 21 January, 2021 6:33 pm IST Text Size:
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New Delhi: Pakistan Thursday considered a second bailout package to save the Roosevelt Hotel in New York that is owned by the Pakistan International Airlines (PIA).
Pakistan’s Economic Coordination Committee (ECC) discussed setting up a committee to approve the second bailout package of $36 million for the hotel.
Four months ago, the committee had approved $142 million to clear the immediate financial requirements of the hotel, and another $13 million as annual carrying cost until a lease agreement with a joint venture partner is finalised.