ROOSEVELT HOTEL

These slides give brief

introduction about the Roosevelt
Hotel, Manhattan, NY, USA

History of Roosevelt

TheRoosevelt Hotelis a historic luxury

hotel, located inMidtown Manhattan.
The hotel is named after the President
Theodore Roosevelt and it was opened
onSeptember 22, 1924.

It has1,015 rooms, including52 suites.

Some suites are among the most
luxurious available in Manhattan.

Outside view

Bought by PIA

In1979, PIA, through its subsidiary PIA

Investments Limited, leased the hotel on
a20-year lease, with the option to buy
the hotel at a specified price at the end of
the lease period. One of the investors in
the deal was Prince Faisal bin Khalid bin
Abdul Aziz Al Saud of Saudi Arabia.
In1999, the government decided to
purchase the hotel. Pakistan government
bought it along withPrince Faisal,for
$36.5 million.

One year long court Battle

The previous owners of hotel filed a case

that they can not sell hotel for the price
which was agreed, arguing that the hotel
was worth at least $250 million at the
time.
New York courts ruled in favour of the
Government of Pakistan inJune
2000after a one year long court battle.
PIA was forced to pay off the$23
millionmortgage on the hotel.

Inside View

Notable Events

The hotel is one of the best hotels in the

Manhattan, New York and many famous
artists have performed there.
The famous speech Greed is good of
Michael Douglas movieWall Street
(1987)was shot in this hotel.

References:

https://www.quester.pk/question/what-is-t
he-history-of-the-famous-roosevelt-hotelnew-york-owned-by-pakistan-internationalairlines-pia-and-how-much-is-it-worth/

https://en.wikipedia.org/wiki/The_Roosev
elt_Hotel_(Manhattan)