The Roosevelt Hotel in New York - an entity owned by Pakistan International Airlines Investment Limited (PIAIL) - announced late Thursday that it would be 'closing its doors permanently' on October 31. “Due to the current economic impacts, after almost 100 years of welcoming guests to The Grand Dame of New York, The Roosevelt Hotel is regretfully closing its doors permanently as of Oct 31, 2020,” the announcement of the website read. The Aviation Division had earlier informed the economic decision-making body that in the backdrop of Covid-19 pandemic, the hotel industry had been severely impacted across the globe. Roosevelt Hotel has experienced extreme cash flow constraints since March 2020. The PIAIL chairman had provided detailed information in this regard pertaining to financial challenges being faced in running Roosevelt Hotel, a potential source of funds, union issues, future outlook and board’s decision for government’s consideration and action

Source: The Express Tribune October 09, 2020 06:52 UTC