USD 142 Million Government of Pakistan Guarantee Approved for The Roosevelt Hotel - New York City

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Abbas Ali
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USD 142 Million Government of Pakistan Guarantee Approved for The Roosevelt Hotel - New York City

Post by Abbas Ali »

The Economic Coordination Committee of the Cabinet (ECC) meeting on August 11 gave its approval to the Government of Pakistan guarantee of USD 142 million in the favour of National Bank of Pakistan (NBP) to bail out the financially-challenged Roosevelt Hotel Corporation (RHC).

Ministry of Aviation submitted a summary regarding issuance of Government of Pakistan (GoP) guarantee in favor of National Bank of Pakistan (NBP) . It was informed that Roosevelt Hotel Corporation (RHC) is owned by Pakistan International Airlines (PIA) - Investments Limited (PIA-IL).

The hotel business was slow down in USA and around the world due to Covid-19 pandemic. RHC was shut down in December, 2020 to avoid losses.

A committee headed by Deputy Chairman Planning Commission was constituted to look into the financial challenges of RHC.

The Economic Coordination Committee (ECC) on 2nd September 2020, approved GoP support of USD 142 million on the recommendation of the committee.

Finance division arranged financing facility as loan from NBP. The ECC after discussion approved GoP guarantee for financing facility of USD 142 million as loan in accordance with facility agreement between Roosevelt Hotel Corporation (RHC) and the National Bank of Pakistan (NBP).

https://www.pakistantoday.com.pk/2022/0 ... ur-of-pso/
https://www.thenews.com.pk/print/981605 ... el-bailout
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Abbas Ali
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Re: USD 142 Million Government of Pakistan Guarantee Approved for The Roosevelt Hotel - New York City

Post by Abbas Ali »

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The Roosevelt Hotel New York City owned by Pakistan International Airlines (PIA) subsidiary PIA Investments Limited (PIAIL).

The Roosevelt Hotel (https://www.theroosevelthotel.com) closed its doors in December 2020 with following message:

"We thank you all for letting us be part of the very best of New York for the last 100 years."

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Abbas
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