Roosevelt Hotel Privatization Not An Option - PM Abbasi

[Abbas Ali]

Privatization of The Roosevelt Hotel (theroosevelthotel.com) in New York is not an option, this was stated by Prime Minister Shahid Khaqan Abbasi while chairing a meeting in Islamabad on matters related to the hotel which is owned by PIA.

Chairman PIA, Secretary Aviation and Chairman CAA Board Squadron Leader (Retd.) Muhammad Irfan Elahi gave briefing on investment and financial situation of the hotel.

PM Abbasi directed authorities to prepare a comprehensive business plan to improve hotel's business and increase its income. The hotel is a valuable property with historic and cultural significance for Pakistan, he said.

The meeting was also attended by Adviser to the Prime Minister on Aviation Sardar Mehtab Ahmed Khan Abbasi and other senior officials.


The Roosevelt Hotel advertisement in PIA in-flight magazine 'Humsafar'.

Abbas

[arshad.altaf]

Another "business plan." In future, PIA's business plans will be used by other airlines but PIA.

Arshad

[Amaad Lone]

Mr. Prime Minster PIA does not need 13 billion every three months, it need 150 billion in one go.

Who will invest in PIA. If you do not sell the hotels then PIA sinks.

Why doesnt the government take over the hotels and in return take over the liabilities worth the value of the hotels.

[Amaad Lone]

https://tribune.com.pk/story/817768/bit ... 1-billion/


Selling the hotels in Paris and New York will really take PIA out of the financial mess that it is in now.

Once the debts are cleared the airline needs to be privatized so it does not remain a burden on any future government.

[arshad.altaf]

https://epaper.dawn.com/DetailNews.php? ... 18_011_003

ISLAMABAD: A parliamentary panel on Monday the directed the management of Pakistan International Airlines (PIA) not to enter into any lease agreement regarding the Roosevelt Hotel in New York, USA.

The National Assembly Standing Committee on Parliamentary Affairs, led by its Chairperson Dr. Shezra Mansab Ali Khan Kharal, expressed its reservations over reports that the PIA management was leasing out the profitable Roosevelt Hotel in New York for 30-40 years.

Acting Chairman, PIA Irfan Elahi briefed the committee about the profits made by Roosevelt Hotel during the last year which was $96.450m...

[Abbas Ali]

Govt has ‘no plans’ to sell PIA’s Roosevelt Hotel

February 27, 2018

ISLAMABAD - The National Assembly Standing Committee on Parliamentary Affairs was told on Monday that the government has no plans to sell the profit-making Roosevelt Hotel in New York — one of the prime foreign assets of the Pakistan International Airline.

Briefing the Committee about the profit made by Roosevelt Hotel, the PIA acting Chairman said that hotel earned $96.450 million in 2016 and the profit figure remained $1.540 million.

He said that the Aviation Division has no plans to sell the Roosevelt Hotel. He, however, said that experts have given proposals to give the hotel on lease for a period of 30 to 40 years to earn more profit.

The Committee showed annoyance over it and strongly recommended that Roosevelt Hotel should not be given on the lease at any cost.

Source: The Nation

[Amaad Lone]

A hotel worth over one billion dollars earns 1.5 million dollars.

If PIA had used this money to pay off its loans it can save at least 10-12 billion rupees a year in interest payments.

By selling the hotel PIA can save 100 million dollars a year.

Yet by keeping it it makes 1.5 million dollars.

I guess we all know where the brains are on the board of directors for PIA.