Roosevelt Hotel out of clutches

Roosevelt Hotel out of clutches – After ducking many attempts to get hold of it through dubious means including from many political bigwigs, PIA’s Roosevelt Hotel finally got away from their clutches. The precious asset was ultimately leased out to the New York City Administration for a period of three years against $220 million. The property was already facing a threat of being landmarked and had it been declared so PIA would have been restricted to use it for the hotel purpose with the current 19-storey building alone but now it will be used for a high-rise up to 40-storey with change of business. The hotel was closed in 2020 and its expenditures during its closure were $25 million per annum and a liability of $20 million already existed on part of the hotel. Moreover, the hotel union, considered very powerful in NYC, was also demanding $66 million. The contract for three-years included a guaranteed-income for a period of one-and-a-half year. In the last few days the possession of 600 of the total 1,025 rooms had been handed over to the NYC government and the possession of the remaining 425 rooms would also be handed over to the authorities in the NYC within the next 30 days. The Weekender