PIA's Roosevelt Hotel in New York to shut down

New York

The Roosevelt Hotel in New York's Manhattan owned by Pakistan International Airlines (PIA) announced that it will shut down for good by the end of this month.

"Due to the current economic impacts, after almost 100 years of welcoming guests to The Grand Dame of New York, The Roosevelt Hotel is regretfully closing its doors permanently as of October 31, 2020," the hotel said on its website.

"We have been honored to serve alongside our wonderful staff and to be a part of our many guests' and clients' lives and celebrations, who have graced us over these past nine decades," it said.

A PIA official also confirmed the decision on Friday.

With more than $4 billion in accumulated losses, PIA was already struggling financially when flights were grounded in March because of the pandemic.

The Roosevelt, which was opened on September 23, 1924, was built by Niagara Falls businessman Frank A. Dudley and operated by the United Hotels Company.

Neither the hotel's management nor PIA issued any details about future plans.

Pakistan's government, however, had decided in July not to privatize the asset worth millions of dollars, and instead to turn it into office towers through a joint venture.