| NYguy |
Jul 20, 2020 2:45 PM |
Quote:
Originally Posted by JMKeynes
(Post 8986597)
The Roosevelt obviously will be redeveloped at some point, but I'm in no rush to see it go. It's a beautiful building. Furthermore, with all of the projects ahead of it in the pipeline (i.e., the Grand Hyatt, the MTA Building, 415 Madison, 417 Park, 350 Park, the old Pfizer HQ on 42nd St., 3 Hudson (and hopefully, 2 WTC)), it may be around for quite some time
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The current climate of hotels in the city is why this one remains suspect to potential development sooner rather than later. Added to that is the fact that it's a full block development site, and that would push it ahead of most in that list, particularly on the east side. They haven't officially signed on to a redevelopment plan yet, though. But when they do, I expect another Vanderbilt scaled development.
In the meantime, you can still get a discounted room...
https://www.theroosevelthotel.com/of...SAAEgJGqfD_BwE
Also, I've been holding this back, because I don't want to get into the political fighting, but it's noteworthy. So keep the political commentary out of this please, or I will have to delete many comments.
https://blog.siasat.pk/trump-pias-ro...new-york-city/
Quote:
President Trump Wants To Buy PIA’s Roosevelt Hotel In New York City
By Omair Kamran
Jul 16, 2020
A high-ranking Pakistan International Airlines (PIA) official on Wednesday informed the National Assembly Standing Committee on Privatisation that US President Donald J. Trump has shown an interest in buying the Roosevelt hotel, located in New York’s Manhattan borough.
At the outset of the meeting, PML-N’s Khwaja Asif inquired from PIA officials as to whether anyone had shown an eagerness in purchasing the property.
At this, the PIA’s Investment Limited Managing Director, Najeeb Sami, revealed that the US president “is still showing interest in The Roosevelt.”
In his meeting with the committee, Sami said that Roosevelt is a three-star hotel that had been profitable for almost 99 years. Nevertheless, the hotel endured a loss of $1.5 million last year, Sami added. He said it was not profitable for PIA to run the whole hotel by itself, and it should, consequently, be replaced with hotels and offices.
“It has been determined to give Roosevelt hotel on lease on a long-term basis,” Sami told the lawmakers.
Formerly this month, the Cabinet Committee on Privatisation (CCoP) had expressed against selling off the Roosevelt and to manage it through a joint venture alternatively.
The CCoP had instructed the Privatisation Commission to appoint a financial adviser to start the procedure for the transaction a report by the accounting firm Deloitte from July 2019, suggested that “the highest and finest use of the Roosevelt Hotel property is to renew the site into a mixed-use property (through a joint venture) of primarily an office tower over retail and condominium.”
Asif said, while his party did not oppose privatization “at all,” this wasn’t a suitable time to privatize any entity as the COVID-19 pandemic has caused market prices of nearly everything to plunge.
He said the defined rights of employees should be preserved whenever privatization is carried out, and they should be provided with sufficient funds to start their own businesses. People who possess real-estate companies abroad should not be made part of the body deciding the hotel’s destiny as it could lead to corruption, Asif added.
The Privatisation Minister Muhammad Mian Soomro briefed the committee that various options were currently being looked into concerning the fate of the Roosevelt, adding that a financial adviser will take the decision regarding leasing out the hotel.
The PIA-owned 19-story hotel with 1,025 rooms plus allied facilities in New York is considered a valuable property that carries cultural significance for Pakistan as well. It has persisted in the news for the last few years over its proposed auction. Nevertheless, the management of PIA in the past had always denied the claims of the sale.
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