PIA's Roosevelt Hotel leased out for three years, announces Saad Rafique.

LAHORE -- Minister for Railways and Aviation Khawaja Saad Rafique on Sunday confirmed that the 'precious asset' Roosevelt Hotel, owned by the Pakistan International Airlines (PIA), has been leased out to the New York City administration for three years, media reported.

Addressing a press conference in Lahore, the federal minister said that an agreement has been reached between Pakistan International Airline-Investment Ltd (PIA-IL) and New York City Administration for the utilisation of Roosevelt Hotel on rental for three years.

'An agreement has been reached with the New York City Administration, whereby the government of Pakistan will receive $220 million,' Saad Rafique said, adding: 'Under this agreement, 1,250 rooms of the hotel have been leased for a period of three years'.

The minister noted that the Roosevelt Hotel, which was closed in 2020 due to the COVID-19 pandemic, has become a major concern for the government. 'There was a severe risk that if the hotel is not utilised, it will be affected by landmarking,' he added.

'The landmarking would have affected the price of the Pakistan-owned hotel,' Rafique claimed. He expressed regret that previous...