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Govt has no intention to sell Roosevelt Hotel: minister

 Govt has no intention to sell Roosevelt Hotel: minister

No proposal is under consideration to selling the PIA-owned Roosevelt Hotel in New York, Aviation Minister Ghulam Sarwar Khan said on Monday. “All reports circulating in the media are nothing more than speculation and political point-scoring,” he added. The minister said the hotel’s management had taken out a loan of USD160mn from JP Morgan bank and was making regular payments from its own revenue stream. The balance outstanding at the moment is USD105mn. However, the hotel ran into financial trouble after the onset of the Covid-19 pandemic, giving the lender a pretext to sell off its liabilities to another company.

Source: https://www.dawn.com/news/1584733/govt-has-no-intention-to-sell-roosevelt-hotel-minister

 

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