PIA renovates Roosevelt Hotel NYC
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Crippled National Carrier, Pakistan International Airlines (PIA), has decided to not to sell Roosevelt Hotel in New York, four years after placing it on the list of assets for privatisation. The Pakistani government hired a local agent to ensure the quick sale of the hotel. However with real estate values in decline, the cabinet was advised not to sell and has subsequently reversed the decision, electing to invest and renovate the property instead. The Express Tribune reported that the Roosevelt Hotel was put on the list of entities to be privatised on 30 November 2006, following which the Privatisation Commission hired an American consultant to arrange its sale. According to the commission, the hotel could not be sold because of a downturn in the global real estate market.
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