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  #61  
Old Posted Oct 26, 2020, 6:44 PM
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Another walk through the NY Times time machine...







Some of the headlines we've seen remind me of some of these, even though they're not really the same thing, there comes a time when the hotel is not the best option for the site...




























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  #62  
Old Posted Nov 2, 2020, 4:16 PM
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https://www.pakistantoday.com.pk/202...osevelt-hotel/

IHC directs govt to share plans regarding Roosevelt Hotel


Quote:
The Islamabad High Court on Monday directed the government to submit a detailed response outlining the government’s plan regarding the state-owned Roosevelt Hotel in New York City.

The hotel, a Pak­istan International Airlines (PIA) possession in the heart of posh Manhattan neighbourhood, shut its doors on guests permanently on Oct 31.
Quote:
Justice Amir Farooq, while presiding the hearing of a petition against the hotel’s closure, inquired about the government’s plans for the future of the property.

“It is being converted into apartments and offices. The Roosevelt Hotel has its own historical significance [so much so that] US President Donald Trump wants to buy it,” responded the petitioner’s counsel.

The court observed it had already disposed of a petition regarding the hotel after the federal government’s statement.

The court also directed the assistant attorney general (AAG) to apprise the IHC on the policy matter of the hotel and adjourned the hearing for one week.
Quote:
Earlier on October 2, Senate Standing Committee on Aviation was told the Roosevelt Hotel was not being sold but would either be renovated or reconstructed in the future.

“Either the Roosevelt Hotel will be renovated or it will be demolished to build a 100-storey building,” PIA chief executive officer Arshad Malik told the panel of the Upper House, which met under the chairmanship of Senator Mushahidullah Khan.

Malik observed that the purpose of reconstructing the hotel was to reduce the expenses and turn it into a profit-making entity.

He had told the body that the current market value of the Roosevelt Hotel assessed by Deloitte was $562 million. At this, Senator Khan pointed out that the value of the hotel had already been assessed as $1700 million and that it was a profit-making entity a year ago. He asked how it was now going into losses.




https://arynews.tv/en/ihc-reply-fede...hotel-closure/

IHC seeks reply from federal govt on Roosevelt Hotel closure

Jahangir Aslam
Nov 2, 2020


Quote:
The Islamabad High Court (IHC) has sought a reply from the federal government over the closure of Pakistan International Airlines (PIA) owned Roosevelt Hotel in New York, ARY News reported on Monday.

The plea against the closure of PIA’s iconic hotel was heard by Justice Aamir Farooq.

At the beginning of the hearing, the counsel of the complainant, Advocate Tariq Asad stated that the government has planned to transform hotel into apartments and offices.”Roosevelt Hotel has its traditional importance and the transformation will cost more to the government.”




https://nation.com.pk/02-Nov-2020/ih...lt-hotel-today

IHC hears petition seeking directives for govt against disposing of Roosevelt Hotel today


Quote:
The Islamabad High Court (IHC) will Monday (today) take up a petition seeking directions for the government not to dispose of the Roosevelt Hotel in New York and to continue its hotel business.

A single bench of IHC comprising Justice Aamer Farooq will conduct the hearing of the petition filed by an architect Muhammad Tahir who moved the court through his counsel Tariq Asad Advocate.

In his petition, he cited Federation of Pakistan through Federal Secretary for the Aviation Division, Prime Minister of Pakistan through his Principal Secretary, Federal Secretary Ministry of Law and Justice, Federal Secretary Ministry of Information and Technology and Secretary Ministry of Foreign Affairs as respondents.

Tahir stated in the petition that a national building in New York US, Roosevelt Hotel, is being disposed of by converting into offices and apartments etc. in clandestine manner by the present government inflicting huge loss to the public treasury on the one hand and injuring the feelings of Pakistanis settled in US particularly and the people of Pakistan generally.
Quote:
He mentioned that the National Assembly had decided against the sale of the hotel in its previous meeting, saying the hotel should be run via joint ventures and PIA Investment Limited Managing Director Najeeb Sami told that it had been decided to give Roosevelt Hotel on lease on a long-term basis. He disclosed that the American president ‘is still showing interest in Roosevelt.’

Counsel Tariq Asad said that in October 2020, it was announced that the hotel would be permanently closed due to continued financial losses associated with the COVID-19 pandemic, the final day of operation will be October 31, 2020.

According to the petition, historic Roosevelt Hotel owned by the Pakistan International Airlines has caught the eye of United States President Donald Trump, who wants to buy the luxury property located in Manhattan borough of New York.

It added that in a briefing to the National Assembly Committee on Privatisation, PIA officials said that the US had shown interest in the purchase of the hotel some time ago and was still interested in buying the hotel.
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  #63  
Old Posted Nov 17, 2020, 5:41 AM
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  #64  
Old Posted Nov 17, 2020, 7:08 PM
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https://commercialobserver.com/2020/...-due-to-covid/

What to Do With Hotels That May Never Reopen Due to COVID


BY DAVID M. LEVITT
NOVEMBER 17, 2020


Quote:
One feature of post-COVID New York City just may be large, hulking, dark buildings, a legacy of the hotels that have or will have closed permanently due to an extreme revenue shortage brought about by lockdowns that deprived them of their clientele.

At least four hotels by mid-November had announced they were closing permanently, according to hospitality research firm STR. And they are likely to be joined by others as the crisis rolls on.
Quote:
The pandemic and the wreckage to the top line of each hotel’s balance sheet has accelerated a trend that was already under way, Hennessy said. That is, many Manhattan hotels are more than 50 years old and approaching the end of their useful life. The hotels on the Upper East and Upper West sides are the most prone to this phenomenon, he said.

“You’ll see some hotels at the very luxury end of the market, many of those properties are sort of the ‘grand dame’ type of hotels,” he said. “That’s the kind of architecture and location that would make them well-suited for residential conversion.”
Quote:
But, both the decision of what type of property works best and planning to implement that change could run months, if not years, Hennessey said. He mentioned the Roosevelt Hotel, a 96-year-old dowager just west of Grand Central Terminal, as an example of a property slated to close that could reopen as a hotel, though it’s long been assumed that it would be razed and replaced with an office tower.

Pakistan International Airways owns the 1,000-plus room hotel, famed for Guy Lombardo’s New Year’s Eve big-band bash, and where New York Gov. Thomas Dewey spent election night in 1948 when the Republican presidential nominee lost to President Harry Truman in a historic upset.
Quote:
The Hotel Pennsylvania, the New Yorker and the Milford Plaza, now known as the Row Hotel, are other examples of properties rumored for years as possible office sites, Hennessey said.

Others besides the Roosevelt that have announced their permanent closing include the Hilton Times Square, the Courtyard by Marriott in Herald Square, and the Omni Berkshire Place, according to the New York Times.
Quote:
Many hotels have reopened to a greatly reduced demand. Some have volunteered to house the homeless or hospital workers on the front lines fighting the virus. Federal Emergency Management Agency funds may be used to pay hoteliers who agree to take such people.

The New York metropolitan area went through a hotel building boom in recent years. The area’s room census in 2015 was around 97,500. It grew to about 125,000 early this year before COVID hit, according to STR.
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  #65  
Old Posted Dec 21, 2020, 9:51 PM
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Officially closed now...


https://tribune.com.pk/story/2276834...s-losses?amp=1

Roosevelt hotel permanently closes due to coronavirus losses
The closure was announced by the iconic hotel’s general manager in an email to local government official on Dec 18



December 21, 2020


Quote:
The closure will cause at least 431 employees to lose their jobs after they were initially furloughed in March, according to a notice filed with the state of New York. Television footage show the front doors of the hotel boarded up.

Hotel management first announced in October that the Roosevelt would close before the end of the year, “due to the current, unprecedented environment and the continued uncertain impact from COVID-19.”

The Times Square Hilton and Omni Berkshire Place are among the other big-name hotels in New York City to close their doors for good due to economic fallout from the crisis.



https://news.yahoo.com/amphtml/midto...180409477.html

Midtown's Roosevelt Hotel Closes Doors For Good


Nick Garber
December 18, 2020


Quote:
After nearly a century in business, the Roosevelt Hotel in Midtown closed its doors permanently on Friday due to a severe loss of revenue caused by the coronavirus.

Hotel general manager Marc Sternagel announced the closure in an email sent to a local government official Friday morning, which was obtained by Patch.

"Please be advised that due to the current Pandemic, The Roosevelt Hotel New York at 45 East 45th Street [...] will permanently close effective today," Sternagel wrote.
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  #66  
Old Posted Dec 21, 2020, 10:01 PM
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One step closer to reality.

Sounds like they had poor reserves to not muster the pandemic. But... either way, its closure might be a good thing from a redevelopment standpoint.
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  #67  
Old Posted Dec 21, 2020, 10:11 PM
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Originally Posted by chris08876 View Post
One step closer to reality.

Sounds like they had poor reserves to not muster the pandemic. But... either way, its closure might be a good thing from a redevelopment standpoint.

From past media reports, I doubt they will sale the hotel. So we could be looking at them bringing in a developer partner to redevelop into the larger skyscraper. That's what was being discussed. I'd like to see that proposal.
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  #68  
Old Posted Jan 8, 2021, 3:03 AM
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https://en.baaghitv.com/pia-assets-f...-hands-of-bvi/

PIA assets face huge loss at the hands of BVI





By Mehreen Saqib
Jan 7, 2021

Quote:
Baaghi TV: The British Virgin Island Court, where PIA is registered, has ordered the freezing of PIA assets including its two international hotels.

According to reports, this is in the Riko Diq copper mine case with Tethyan Copper Company (TCC). Tethyan Copper Company (TCC) had on Nov 20, 2020, approached the High Court of Justice for enforcement of the $5.97 bn awards against Pakistan by the Interna­tional Centre for Settlement of Investment Disputes (ICSID) in Reko Diq litigation on July 12, 2019.

The BVI high court had ordered through an ex parte on Dec 16, 2020, to attach the assets belonging to Pakistan International Airlines Investment Limited (PIAIL), including the company’s interests in two hotels namely Roosevelt Hotel in Manhatten, New York, and Scribe Hotel in Central Paris, and freeze 40 per cent interest of PIA in a third entity, Minhal Incorporated.

The source said that besides the government’s own legal team, Pakistani BVI companies had also appointed their team that will appear before the BVI court and contest the case.
Quote:
The source also said that Pakistan would oppose this move. The BVI court had in its Dec 16 order appointed the receiver on an interim basis.

According to media reports, the receiver, Paul Pretlove of Kalo Advisors, is expected to ensure that the hotels are not sold below the market rate and secure the proceeds of any sale that takes place.
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  #69  
Old Posted Jan 29, 2021, 3:22 AM
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https://dunyanews.tv/en/Pakistan/585...ld-Senate-told

Roosevelt Hotel not being sold: Senate told


Published On 26 January,2021


Quote:
Minister for Aviation Division Ghulam Sarwar Khan Tuesday apprised the Senate that Roosevelt Hotel was not being sold, however, it was being leased out for setting up a joint venture project.

The Cabinet Committee on Privatization in its meeting held on November 15, 2019 considered the proposal submitted by the Ministry of Privatization regarding leasing out the Roosevelt site, he added.

Replying to a question during the Question Hour, the minister said the same was under process in the Ministry of Privatization.







https://timesofislamabad.com/28-Jan-...-reko-diq-case

PIA Roosevelt Hotel may be sold by British Virgin Islands Court for settlement of Reko Diq case


28 Jan, 2021


Quote:
Pakistan International Airlines (PIA) has announced that it will fight to save its property – the Roosevelt Hotel in Manhattan, New York – which is being evaluated by the British Virgin Islands (BVI) court for the settlement of the Reko Diq case.

The national flag carrier has hired its own lawyer and is seeking the assistance of high court lawyers as it prepares to fight the case via its subsidiary established in the BVI, Pakistan International Airlines Investment Limited (PIAIL).



https://propakistani.pk/2021/01/28/p...-its-property/

PIA Will Fight To Protect The Roosevelt Hotel as Its Property


Jan 28, 2021
by Darakhshan Anjum


Quote:
The Reko Diq case is ongoing international litigation between the Government of Pakistan and the Tethyan Copper Company (TCC) that was filed by the latter over the cancellation of its mining license in Balochistan.

Earlier, it was reported that Pakistan is considering a second bailout package worth $35.58 million for the Roosevelt Hotel, and the Economic Coordination Committee (ECC) of Pakistan has decided to set up a panel to provide the package.
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  #70  
Old Posted Feb 10, 2021, 10:40 PM
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ECC mulls second bailout package of $35mn to recover PIA’s Roosevelt Hotel

Quote:
ISLAMABAD – Pakistan on Thursday considered a second bailout package worth $35.58 million for the Roosevelt Hotel, New York, which is owned by Pakistan International Airlines Investment Limited.

The Economic Coordination Committee (ECC) has decided to form a panel to provide the bailout package for the property that has fallen into debt.

According to a report in Hotel Management, a hotel industry magazine, the panel approved $142m to provide immediate financial support. This amount was arranged as a loan from the National Bank of Pakistan with a per annum mark-up of $5.9m.

It also approved $13 million as an annual carrying cost until a lease agreement is finalised.

Earlier in 2019, Pakistan International Airlines Investment Limited risked losing the Manhattan property and the Scribe Hotel in Paris following the enforcement of an international settlement decision by the British Islands that would have resulted in the handing over these properties as a settlement to the Tethyan Copper Company (TCC) for the canceling of its mining license in Balochistan.

Pakistan had invalidated the mining licenses of the Tethyan Copper Company for the Reko Diq gold and copper mines in Balochistan due to irregularities. However, the company had claimed that they had been illegally stopped from conducting operations.
==================
https://en.dailypakistan.com.pk/23-J...oosevelt-hotel
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  #71  
Old Posted Feb 11, 2021, 1:47 AM
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Is there no way to incorporate the bottom 4 floors into the new design? The lobby is gorgeous and this is obviously a high class property.
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  #72  
Old Posted Feb 11, 2021, 2:39 AM
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Anything is possible... just a function of will and cash money.

A 5 Beekman type of set up could work. But depends on how this manifests. Rate of investment (ROI) is a factor. Sometimes its just cheaper to demo the whole thing and start fresh versus creating an addition, even if that addition is a 100 floor skyscraper or a 85 floor slender.
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  #73  
Old Posted Feb 11, 2021, 4:47 PM
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Is there no way to incorporate the bottom 4 floors into the new design? The lobby is gorgeous and this is obviously a high class property.
Yeah I agree. Some of the best highrises in New York have embraced their more historical bases - look at 9 DeKalb and even 111 W 57th. It would surprise me to see but a design that incorporates the original base would be amazing. Keep that iconic street level experience while building upwards new.
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  #74  
Old Posted Feb 11, 2021, 5:54 PM
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Neither 9 DeKalb nor 111 W57 have historical bases. They have adjacent historical structures, on separate lots, integrated into the towers.

Anyways, this dumpy hotel is finished. Will be demolished and redeveloped.
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  #75  
Old Posted Feb 11, 2021, 6:05 PM
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Originally Posted by Crawford View Post
Neither 9 DeKalb nor 111 W57 have historical bases. They have adjacent historical structures, on separate lots, integrated into the towers.

Anyways, this dumpy hotel is finished. Will be demolished and redeveloped.


Besides that, anthing that rises here would likely be an office tower, possibly with some hotel space above.
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  #76  
Old Posted Feb 11, 2021, 8:25 PM
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That would give the new Hyatt at 175 Park some welcome high rise hotel competition. I welcome it. Still a shame to lose the Roosevelt's base.

Didn't PIA used to fly their Worldliners Karachi - JFK nonstop? The hotel would have been the most welcome sight in the world after a flight that long in coach.
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  #77  
Old Posted Feb 11, 2021, 9:16 PM
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That would give the new Hyatt at 175 Park some welcome high rise hotel competition. I welcome it. Still a shame to lose the Roosevelt's base.

Didn't PIA used to fly their Worldliners Karachi - JFK nonstop? The hotel would have been the most welcome sight in the world after a flight that long in coach.
I think there's a good chance it could be office with a hotel component like 175 Park. So many hotels are closing, but there will be greater demand for hotels that survive.
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  #78  
Old Posted Feb 11, 2021, 9:55 PM
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Originally Posted by Crawford View Post
Neither 9 DeKalb nor 111 W57 have historical bases. They have adjacent historical structures, on separate lots, integrated into the towers.

Anyways, this dumpy hotel is finished. Will be demolished and redeveloped.
Right. "Adjacent historical structures" that were then "integrated into the towers" at the base level. A historical base.
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  #79  
Old Posted Feb 11, 2021, 11:19 PM
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111 W 57th was actually considered an "addition". A hell of an addition.
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  #80  
Old Posted Feb 11, 2021, 11:53 PM
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Originally Posted by chris08876 View Post
111 W 57th was actually considered an "addition". A hell of an addition.
Yeah, the new tower rises up through the original structure.
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