The Roosevelt Hotel in New York City owned by PIA is going to be shut down because of financial issues. Built on prime land in Manhattan in 1924, the hotel was leased by PIA in 1979 along with a Saudi prince. PIA bought the hotel in 1999 for $36.5 million and in 2005 bought the Saudi prince’s share.
The hotel’s website announced that it is shutting its doors on October 31. Operations will end on October 31 and the last bookings are being accepted till October 10. The hotel is making alternative arrangements for guests who have booked past this date.
Source: Samaa TV