Its official! Roosevelt Hotel leased for three years and here's how much Pakistan will earn

ISLAMABAD - The government of Pakistan has confirmed that it has leased the famous Roosevelt Hotel in New York for three years.

Minister for Railways and Aviation Khawaja Saad Rafique confirmed on Sunday that the precious asset of the PIA Roosevelt Hotel, New York has been leased out for three years.

Addressing a news conference, the Minister said the agreement will generate a revenue of 220 million dollars and under this agreement, 1,250 rooms of the hotel have been leased.

He expressed regret that the previous government had made the decision to run the Roosevelt Hotel through a public-private partnership, adding that the hotel was closed during the covid-19 pandemic.

The minister further said that the airports in Pakistan will be outsourced, however, no employee of the civil aviation authority will be sacked.

'Outsourcing will be done through competitive bidding,' he added.

The Roosevelt Hotel deal is significant in terms of the location of the facility and the opportunities the city provides to the visitors and residents. New York City, the iconic metropolis that never sleeps, is a vibrant and bustling hub of culture, business, and diversity. With its towering skyscrapers, world-famous landmarks like Times Square and Central Park, and thriving arts and entertainment scene, the city captivates visitors from around the globe.

From the bright lights of Broadway to the trendy neighborhoods of Brooklyn, New York City offers multiple experiences to suit every taste. Its renowned museums, such as the Metropolitan Museum of Art and the Museum of Modern Art, showcase centuries of artistic brilliance and become the reason for many globetrotters to pay visit to the city.

The Roosevelt Hotel can serve as the best facility for visitors who have other options available in the city but those are much more expensive.  Besides, the government of Pakistan can also earn some bucks through the deal to shore up its economic reserves which are falling with each passing day.