ISLAMABAD – The Economic Coordination Committee (ECC) has approved an offer made by New York City Government to utilize the Roosevelt Hotel, owned by the Pakistan International Airlines, for a period of three years on rent.
Finance Minister Ishaq Dar chaired the meeting of the ECC when Ministry of Aviation submitted a summary on Challenges and re-opening of Roosevelt Hotel, New York and informed that “PIA investment Limited (PIA-IL) management has got an opportunity offered by New York City Government to utilize the Hotel ( 1,025 rooms) over a period of three years for migrant business @ US$ 200 per room per day”.
The ECC after discussion approved the recommendations of the ministry and approved the formation of a four member negotiating committee led by the Secretary Aviation Division to negotiate with the New York City Government and the Hotel Union.
The ECC also allowed PIA-IL/ RHC to utilize the funds of $ 1.145 million from the available balance as bridge financing to commence the re-opening work at the Hotel.
Source : Daily Pakistan