NEW YORK – The New York City Health and Hospitals Corporation administration and Pakistan International Airlines (PIA) have signed a contract for the lease of the Roosevelt Hotel in the US state.
The Roosevelt Hotel will be run by the New York city local corporation for three years, according to a statement released on Monday by the PIA management.
According to the deal, the US company will offer residential facilities to “housing migrants” in the hotel.
The deal also included an 18-month guarantee that the corporation gives to PIA Investment Management.
In addition, the New York City Health & Hospital Corporation and the Roosevelt Island New York Hotel and Gaming Trade Councils have negotiated a settlement agreement.
The Roosevelt Hotel has started operations as a result of the new arrangement, PIA management has written to stockholders at the Pakistan Stock Exchange (PSX).
ECC allows renting out PIA-owned Roosevelt Hotel in New York
