Minister for Aviation Division Ghulam Sarwar Khan on Tuesday informed the Senate that Roosevelt Hotel was not being sold; however, it was being leased out for setting up a joint venture project. The Cabinet Committee on Privatization in its meeting held on November 15, 2019 considered the proposal submitted by the Ministry of Privatization regarding leasing out the Roosevelt site, he added. Replying to a question during the Question Hour, the minister said the same was under process in the Ministry of Privatization. He said the government had decided to shut down operation of the Roosevelt Hotel, New York, as it was closed on December 18, 2020. The reasons for the closures of the hotel were included imposing restriction on travel to and from the United States of America by President Trump March 12, 2020, closure of all schools, restaurants, bars and theaters and 90 percent reduction of Roosevelt’s occupancy. He said Roosevelt’s cash flows resultantly reduced drastically and the PIA-IL funded the cash shortfall from its resources. Continuing partial hotel operation in the wake of cancellation of UNGA, fashion show, NY Marathon, US Open etcetera became unsustainable, as hotel’s revised forecast projected additional substantial cash short falls, he said. He said the PIA-IL had advanced approximately $17 million till to date in order to protect the asset and to meet mandatory payments.
متعلقہ مضامین
-
SHC orders chief secretary to conduct study of Karoonjhar hills
-
102 cases against fertilizer dealers for overcharging in 2020
-
Sharmila for saving polio children like saving atomic assets
-
Sharmila for saving polio children like saving atomic assets
-
Pakistan enjoys close relations with all GCC member states
-
People have rejected opposition’s negative politics of rallies: Buzdar
-
MQM-P to support Arbab Ghulam Rahim in PS-52 by-polls
-
‘Academy of Excellence’ set up for professional media trainings
-
People have rejected opposition’s negative politics of rallies: Buzdar
-
People have rejected opposition’s negative politics of rallies: Buzdar
-
British MP tells Johnson to raise torture on Indian farmers with Modi
-
Four cops held for opening fire at vehicle, killing Levies man