Historic Roosevelt Hotel owned by the Pakistan International Airlines has caught the eye of United States President Donald Trump, who wants to buy the luxury property located in Manhattan borough of New York.
In a briefing to the National Assembly Committee on Privatisation, PIA officials said that the US had shown interest in the purchase of the hotel some time ago and was still interested in buying the hotel.
PIA Investment Limited Managing Director Najeeb Sami disclosed that the American president 'is still showing interest in Roosevelt'.
According to the PIA official, the hotel had been generating profits for almost a century, but the last year was bad for business as it incurred a loss of $1.5 million. He said the PIA was not in a condition to run the hotel on its own, adding that it should be replaced with offices and hotels.
"It has been decided to give Roosevelt Hotel on lease on a long-term basis," Sami told the lawmakers.
It may be noted that the NA body had decided against the sale of the hotel in its previous meeting, saying the hotel should be run via joint ventures. Currently, the PIA owns 99 per cent shares in the hotel, while the other one per cent is owned by Saudis.
The offer from Trump is not surprising at all, as the billionaire-turned-president already owns seven luxury hotels and several resorts and clubs in a number of major cities across the US, according to The Washington Post.
In a briefing to the National Assembly Committee on Privatisation, PIA officials said that the US had shown interest in the purchase of the hotel some time ago and was still interested in buying the hotel.
PIA Investment Limited Managing Director Najeeb Sami disclosed that the American president 'is still showing interest in Roosevelt'.
According to the PIA official, the hotel had been generating profits for almost a century, but the last year was bad for business as it incurred a loss of $1.5 million. He said the PIA was not in a condition to run the hotel on its own, adding that it should be replaced with offices and hotels.
"It has been decided to give Roosevelt Hotel on lease on a long-term basis," Sami told the lawmakers.
It may be noted that the NA body had decided against the sale of the hotel in its previous meeting, saying the hotel should be run via joint ventures. Currently, the PIA owns 99 per cent shares in the hotel, while the other one per cent is owned by Saudis.
The offer from Trump is not surprising at all, as the billionaire-turned-president already owns seven luxury hotels and several resorts and clubs in a number of major cities across the US, according to The Washington Post.