Tag: Roosevelt Hotel

PIA’s Roosevelt Hotel to shut down after almost 100 years due to financial issues

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.