The Roosevelt Hotel was completed in 1924 and is named in honour of former US president Theodore Roosevelt, who had previously been the governor of New York State. During the meeting, cabinet members were told that all studies indicated that the Roosevelt site could be converted into a mixed-use building. It was informed that renovated hotel would continue to help generate incremental profits. The cabinet directed the Aviation Division and the PIA to carry out feasibility study on the mixed-use building of the Roosevelt Hotel by June 30, 2019 and submit a report. Secondly, it was proposed to transfer the assets including the Roosevelt Hotel in New York and Sribe Hotel in Paris to pay off PIA’s liabilities worth Rs352 billion out of Rs406 billion.

Source: The Express Tribune February 27, 2019 19:07 UTC