HomeDiagramsDatabaseMapsForum About
     

Go Back   SkyscraperPage Forum > Global Projects & Construction > Proposals


Reply

 
Thread Tools Display Modes
     
     
  #21  
Old Posted Jul 23, 2020, 12:46 PM
NYguy's Avatar
NYguy NYguy is offline
New Yorker for life
 
Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,747
https://tribune.com.pk/story/2256251...y-stakeholders

Decision on Roosevelt Hotel put off due to backpedalling by stakeholders
PC board gives nod to transaction structures






Shahbaz Rana
July 23, 2020


Quote:
The Privatisation Commission (PC) board on Wednesday approved transaction structures for five government entities but put off decision on the fate of Roosevelt Hotel due to backpedalling by stakeholders.

The PC board approved four transaction structures for the privatisation of House Building Finance Corporation (HBFC), First Women Bank Limited, Jinnah Convention Centre and Services Hotel Lahore. Headed by Privatisation Minister Mohammad Mian Soomro, the board also approved the divesting of 20% shares in the profitable Pakistan Reinsurance Company Limited.
Quote:
The transaction structures will now be placed before the Cabinet Committee on Privatisation (CCOP) and subsequently before the federal cabinet for endorsement, according to a statement of the planning ministry. The board put off decision on divesting shares in blue-chip firms like Oil and Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL) and Mari Petroleum Limited. The board will meet next week again to discuss these transactions.

The meeting agenda showed that the Pakistan Tehreek-e-Insaf government did not have an immediate plan to get rid of loss-making power sector and other such entities.

At present, the Ministry of Privatisation is processing the divestment of 18 public sector enterprises (PSEs) but heavy loss-making entities are not part of the list. The board discussed the privatisation of Roosevelt Hotel, New York - an entity owned by Pakistan International Airlines Investment Limited (PIAIL) that was profitable till 2019.

The board was informed that PIAIL refused to upgrade the valuation study despite a decision by the CCOP on July 2, sources told The Express Tribune. PIAIL in July last year had engaged the services of Deloitte Transactions and Business Analytics LLP to conduct the feasibility study. Deloitte in its draft report dated July 18, 2019, after analysing multiple options, recommended that “the highest and best use of Roosevelt Hotel is to redevelop the site into a mixed use of primarily office tower over retail and condominium”.

Sources said PIAIL decision suggested that it did not want to complete the transaction at this stage, which was what experts and political parties were suggesting due to a slump in the realty market.

The CCOP had also directed the Privatisation Commission to engage a financial adviser to convert the hotel property as a joint venture project. However, the Commission has shown its inability to hire the financial adviser due to high cost of engaging companies that are considered the best in Manhattan New York real estate. It has decided to request the Ministry of Finance to bear the cost of financial adviser that may runs into millions of dollars.

In November last year, the CCOP had set up a cabinet task force for privatisation of the hotel but it had to de-notify the taskforce as it was in violation of the Privatisation Ordinance 2000.
__________________
NEW YORK is Back!

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Reply With Quote
     
     
  #22  
Old Posted Aug 2, 2020, 2:55 AM
NYguy's Avatar
NYguy NYguy is offline
New Yorker for life
 
Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,747
AUGUST 1, 2020






__________________
NEW YORK is Back!

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Reply With Quote
     
     
  #23  
Old Posted Oct 9, 2020, 12:51 PM
NYguy's Avatar
NYguy NYguy is offline
New Yorker for life
 
Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,747
https://www.dawn.com/news/1584029/ro...rs-from-oct-31

Roosevelt Hotel to shut doors from Oct 31





The Newspaper's CorrespondentUpdated
09 Oct 2020


Quote:
The Roosevelt Hotel, a Pak­istani possession in the heart of Manhattan, announced on Thursday it would shut its doors on guests permanently on Oct 31.

“Due to the current economic impacts, after almost 100 years of welcoming guests to The Grand Dame of New York, The Roosevelt Hotel, is regretfully closing its doors permanently as of Oct 31, 2020,” the announcement said.

A hotel spokesperson, when asked for comments, said: “Yes, it is closing down as announced on the website.” Asked why, she said: “Email your questions and we will respond.”
Quote:
The message on the website said that the hotel was “working on alternative accommodations” for guests with future reservations.

“We have been honoured to serve alongside our wonderful staff and to be a part of our many guests’ and clients’ lives and celebrations, who have graced us over these past nine decades,” the hotel said.

“We have enjoyed being as much a part of our guests’ stories as we have been an integral part of the history of Midtown Manhattan since 1924.”
Quote:
Officially, the Pakistan Embassy is referring all inquiries about the hotel to PIA, which owns the hotel. “We have not been informed yet,” an embassy spokesman said.

Diplomatic sources, however, explained that the PIA still owned the property as the building had not been sold.

“The hotel has been closed like other hotels in the area because the coronavirus pandemic has almost killed the hotel industry,” one such source said.

The sources explained that the building was still valued at more than a billion dollars. “Pakistan now has two options, sell it or convert it into a condominium like other Manhattan hotels hit by Covid-19,” another source said.
Quote:
In July 2020, the Cabinet Committee on Privatisation (CCoP) decided against privatising the hotel and to run it through a joint venture instead.

A meeting of the committee was chaired by Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh to review the one-point agenda — the privatisation.

The CCoP directed the Privatisation Commission to hire the services of a financial adviser to start the process for the transaction, as proposed by an accounting firm, Deloitte, in July 2019. The firm recommended that “the highest and best use of the Roosevelt Hotel property is to redevelop the site into a mixed-use [property] (through joint venture) of primarily an office tower over retail and condominium.”
__________________
NEW YORK is Back!

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Reply With Quote
     
     
  #24  
Old Posted Oct 9, 2020, 2:02 PM
Crawford Crawford is offline
Registered User
 
Join Date: Nov 2003
Location: Brooklyn, NYC/Polanco, DF
Posts: 30,551
Will be a giant office tower within the next five years. Huge air rights and big footprint.
Reply With Quote
     
     
  #25  
Old Posted Oct 9, 2020, 3:26 PM
Sky88's Avatar
Sky88 Sky88 is offline
Registered User
 
Join Date: Mar 2012
Posts: 379
The footprint is like to that of One Vanderbilt tower. It would be nice if at least the base of the Hotel was preserved. It could build a mixed-use tower, shops, offices and a small Roosevelt hotel. Look like the Grand Hyatt project.
Reply With Quote
     
     
  #26  
Old Posted Oct 9, 2020, 3:51 PM
NYguy's Avatar
NYguy NYguy is offline
New Yorker for life
 
Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,747
It's unfortunate that these hotels have to close. Only hotels like the Grand Hyatt and the Hotel Pennsylvania were planning to close for redevelopment before the pandemic. I'm sure a lot of developers are circling these prime hotel sites that are now closing. But it will be a while before they could do anything with them.
__________________
NEW YORK is Back!

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Reply With Quote
     
     
  #27  
Old Posted Oct 9, 2020, 9:31 PM
jackster99 jackster99 is offline
Registered User
 
Join Date: Nov 2010
Location: Boise, Idaho
Posts: 281
Quote:
Originally Posted by NYguy View Post
It's unfortunate that these hotels have to close. Only hotels like the Grand Hyatt and the Hotel Pennsylvania were planning to close for redevelopment before the pandemic. I'm sure a lot of developers are circling these prime hotel sites that are now closing. But it will be a while before they could do anything with them.
My concern is they get torn down and then sit as empty lots for 5-10 years, while the developers wait for tenants and better market conditions. And/or get replaced by lame 500-600 foot tall fat glass boxes.

Of course if they get torn down and immediately replaced by 1000 feet + tall signature towers, I'm all for it
__________________
"Some ideas are so stupid that only intellectuals believe them"-George Orwell
Reply With Quote
     
     
  #28  
Old Posted Oct 9, 2020, 9:40 PM
JSsocal JSsocal is offline
Registered User
 
Join Date: Dec 2008
Posts: 714
Quote:
Originally Posted by jackster99 View Post
My concern is they get torn down and then sit as empty lots for 5-10 years, while the developers wait for tenants and better market conditions. And/or get replaced by lame 500-600 foot tall fat glass boxes.

Of course if they get torn down and immediately replaced by 1000 feet + tall signature towers, I'm all for it
Limited full block sites and air rights are such that this should easily be at least 1000' no problem. As Hudson Yards has shown us though, 1000' commercial buildings sure can be boxy (read:boring) now.

But hopefully its taller and more ambitious- I'd take a Travelstead 2.0 here.
Reply With Quote
     
     
  #29  
Old Posted Oct 9, 2020, 10:19 PM
NYguy's Avatar
NYguy NYguy is offline
New Yorker for life
 
Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,747
This wouldn't get torn down before they have a redevelopment plan in place. But being in the Vanderbilt corridor, it has a FAR of 30, same as One Vanderbilt, and 343 Madison, highest in the midtown east rezoning. It would most likely result in a supertall development.










From the Vanderbilt Corridor rezoning...







__________________
NEW YORK is Back!

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Reply With Quote
     
     
  #30  
Old Posted Oct 9, 2020, 11:47 PM
NYguy's Avatar
NYguy NYguy is offline
New Yorker for life
 
Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,747
https://www.reuters.com/article/us-p...-idUSKBN26U1J5

PIA's Roosevelt Hotel in New York to shut down due to weak economy


By Reuters Staff
October 9, 2020


Quote:
The Roosevelt Hotel in New York's Manhattan owned by Pakistan International Airlines (PIA) PIAa.KA announced that it will shut down for good by the end of this month.

“Due to the current economic impacts, after almost 100 years of welcoming guests to The Grand Dame of New York, The Roosevelt Hotel, is regretfully closing its doors permanently as of Oct. 31, 2020,” the hotel said on its website.

A PIA official also confirmed the decision on Friday.

Neither the hotel’s management nor PIA issued any details about future plans.

Pakistan’s government, however, had decided in July not to privatise the asset worth millions of dollars, and instead to turn it into office towers through a joint venture.
__________________
NEW YORK is Back!

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Reply With Quote
     
     
  #31  
Old Posted Oct 10, 2020, 7:23 PM
Submariner's Avatar
Submariner Submariner is offline
Registered User
 
Join Date: Mar 2013
Posts: 1,341
Turning it into an office makes the most sense. The site has a lot going for it and is prime for a trophy tower (large foot print, no land assembly, big FAR). However, the market for large towers may be temporarily or permanently depressed by COVID. We will see...
Reply With Quote
     
     
  #32  
Old Posted Oct 10, 2020, 7:27 PM
Music guy Music guy is offline
Registered User
 
Join Date: Jun 2020
Posts: 10
The prospects of a magnificent signature skyscraper on this site are certainly exciting. But it's heartbreaking to consider losing such and exquisite base or such beautiful interiors. Imagine if Robert. A. M. Stern was allowed to incorporate both into one of his gorgeous skyscrapers. Win-win!
Reply With Quote
     
     
  #33  
Old Posted Oct 10, 2020, 7:55 PM
NYguy's Avatar
NYguy NYguy is offline
New Yorker for life
 
Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,747
Quote:
Originally Posted by Submariner View Post
Turning it into an office makes the most sense. The site has a lot going for it and is prime for a trophy tower (large foot print, no land assembly, big FAR). However, the market for large towers may be temporarily or permanently depressed by COVID. We will see...

Well, it obviously wouldn't be built tomorrow. Companies that need large spaces mostly sign because current leases have expiration dates coming up a few years down the line. Anything built here would be at least 6 or 7 years away, taking into account demo and everything else. But the planning alone could take a couple of years. That would mean bringing in a partner, gathering approvals, etc. There will always be a market for large towers, even with temporary dips. Truthfully though, the 1.6 msf they would get out if this site isn't really so large by NY standards. Too many big boys over 2 msf, both new and old. It's the location that makes this site stand out.
__________________
NEW YORK is Back!

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Reply With Quote
     
     
  #34  
Old Posted Oct 10, 2020, 9:05 PM
Crawford Crawford is offline
Registered User
 
Join Date: Nov 2003
Location: Brooklyn, NYC/Polanco, DF
Posts: 30,551
Quote:
Originally Posted by NYguy View Post
This wouldn't get torn down before they have a redevelopment plan in place. But being in the Vanderbilt corridor, it has a FAR of 30, same as One Vanderbilt, and 343 Madison, highest in the midtown east rezoning. It would most likely result in a supertall development.
Yeah, this will almost certainly be a major supertall. Whether it's a landmark worthy of the site is another question, but this will be a very large, tall office tower.
Reply With Quote
     
     
  #35  
Old Posted Oct 10, 2020, 9:31 PM
Sky88's Avatar
Sky88 Sky88 is offline
Registered User
 
Join Date: Mar 2012
Posts: 379
It is a good place for a 1,300 ft tower.
Reply With Quote
     
     
  #36  
Old Posted Oct 11, 2020, 1:26 PM
NYguy's Avatar
NYguy NYguy is offline
New Yorker for life
 
Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,747
https://nation.com.pk/11-Oct-2020/my...rk?version=amp

Mystery still shrouds fate of Pakistan-owned historic hotel in New York
PTI Parliamentary Secretary Bashir Khan says management of the building will be on shared basis


October 11, 2020
Imran Ali Kundi Imran Mukhta


Quote:
Though mystery shrouds over the fate of Pakistan-owned historic Roosevelt Hotel in New York, a senior lawmaker of the ruling Pakistan Tehreek-e-Insaf (PTI) Saturday said that the government would only sell shares of the precious property located in one of the world’s major commercial hubs.

“The ownership of the property would remain with the government of Pakistan as we are going to sell only its shares,” said PTI lawmaker Muhammad Bashir Khan, the Parliamentary Secretary of Privatization.

As Khan was unaware about the future use of the hotel building, he only said that the management of the building would be on shared basis — the government and private holder of shares of the property — in future.
Quote:
The opposition parties have shown their serious concerns over the decision of shutting down the hotel, one of the most prime properties of the world located in the heart of Manhattan. They say that a property of having high commercial value is perhaps being sold in a “shady way.”

The government keeps mum over the shutting down announcement. In July this year, the Cabinet Committee on Privatization (CCoP) had announced not to privatize the hotel rather to redevelop the site for a “mixed use” through a joint venture. It had taken the decision after reports emerged that the hotel, which opened its doors in 1924 and is named after US President Theodore Roosevelt, was being privatized.
Quote:
Abdul Hafeez Khan, a spokesperson of PIA, also avoided to comment on the issue and only said that a detailed statement containing version of The Roosevelt’s management would be shared with the media soon.

The Privatization Commission (PC) is of the view that it has nothing to do with the shuttering of the hotel but it was in the process of appointing Financial Advisor (FA) Consortium to undertake the leasing of Roosevelt Hotel site.
Quote:
The officials aware of the development informed that the decision of shuttering Roosevelt Hotel was not taken in sudden. They said that the hotel was facing financial losses for the last few years, which resulted in its closure. The hotel had suffered a loss of $1.5 million during 2019. The hotel was earning profit till 2015, according to the officials of Ministry of Privatization.

The board of Roosevelt Hotel in its emergency meeting held on July 3 this year had proposed that the hotel’s operations should be shut down because it has fallen into a debt trap.

The Economic Coordination Committee (ECC) in August this year had approved $105 million for the payment of all liabilities and responsibilities of the hotel. At that time, the ECC was informed that even partial operations of the hotel were not sustainable at the moment.
Quote:
Roosevelt Hotel had acquired a loan of $105 million from JP Morgan, an American financier, at an interest rate of 5.05% with maturity in April 2021, according to some official documents seen by The Nation. Annual interest payment had been calculated at approximately $6 million. JP Morgan later sold its loan of worth $68.25 million to MSD PCOF Partners. The sale of the loan complicated the situation for Roosevelt Hotel due to certain reasons. For the past several years, MSD has been expressing its desire to be a joint venture partner in the development of Roosevelt Hotel’s site, an official said. MSD may attempt to leverage its position in achieving the goal, the official sources said adding that it also holds air rights in the vicinity of Roosevelt.
__________________
NEW YORK is Back!

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Reply With Quote
     
     
  #37  
Old Posted Oct 12, 2020, 6:43 PM
NYguy's Avatar
NYguy NYguy is offline
New Yorker for life
 
Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,747
https://www.nydailynews.com/new-york...va4-story.html

Pandemic economy forces NYC’s historic Roosevelt Hotel to close




By LEONARD GREENE
OCT 12, 2020


Quote:
Manhattan’s historic Roosevelt Hotel, where Gov. Thomas Dewey mistakenly declared victory over President Harry Truman in 1948 and where New Year’s Eve emperor Guy Lombardo first broadcast “Auld Lang Syne,” is the city’s latest coronavirus victim.

The East Side hotel, named after President Theodore Roosevelt nearly 100 years ago, is closing its doors permanently, beaten and battered by the pandemic economy that has devastated the city’s hospitality industry.



Video Link




Video Link
__________________
NEW YORK is Back!

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Reply With Quote
     
     
  #38  
Old Posted Oct 12, 2020, 6:55 PM
NYguy's Avatar
NYguy NYguy is offline
New Yorker for life
 
Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,747
This hotel was always going to close. Covid, or no covid. It was only a matter of time, similar situation as the Hotel Pennsylvania. It's one of the five sites in the Vanderbilt Corridor area that was rezoned for larger towers a few years ago. It's how One Vanderbilt got built. I don't understand the "shock". Nothing to celebrate, but it was always going to happen.



https://www.gettyimages.com/detail/n...?adppopup=true













__________________
NEW YORK is Back!

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Reply With Quote
     
     
  #39  
Old Posted Oct 13, 2020, 8:03 PM
NYguy's Avatar
NYguy NYguy is offline
New Yorker for life
 
Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,747
https://www.brecorder.com/news/40025737

Chairman NAB takes notice of Roosevelt Hotel closure, orders inquiry
PIA purchased the hotel for $36.5 million in 1999 and managed it through Interstate Hotels and Resorts.






BR Web Desk
13 Oct 2020


Quote:
Chairman National Accountability Bureau (NAB) Justice (retd) Javed Iqbal has taken the notice of Roosevelt Hotel issue ordering an inquiry into the matter.

On October 10, it was announced that Pakistani government-owned Roosevelt Hotel has announced that "it is closing its doors permanently.

However, Aviation Minister Ghulam Sarwar Khan on Monday stated that the government had no intention to sell or dispose of the iconic Roosevelt hotel in New York.

“The investigation will review why there was a need to close down Pakistan’s national asset Roosevelt Hotel located in central New York,” said a press release issued by the accountability watchdog. It also said that the bureau will investigate the reasons behind the alleged losses in thousands of dollars to the government.

NAB further said it will identify those responsible for allegedly neglecting their national duties to turn the Roosevelt hotel into a profit-making entity.
Quote:
In July Pakistan's government decided against selling the hotel and announced to run it through a joint venture.

According to a Finance Division statement, the Privatisation Commission was to hire the services of a financial adviser to start the process of its privatization.

A report by accounting firm Deloitte from July 2019 recommended that “the highest and best use of the Roosevelt Hotel property is to redevelop the site into a mixed-use [property] (through a joint venture) of primarily an office tower over retail and condominium.”

Although the consolidated financial statements of PIA also showed that the hotel contributed a negligible amount in terms of annual cash flow to the airline, the incumbent government had put this hotel in privatization list last June, which triggered severe criticism on the government. Later it was delisted by the Privatization Commission with the decision to hire services of a financial advisor to lease out the Roosevelt Hotel site in Manhattan, New York, for setting up a joint venture project.
__________________
NEW YORK is Back!

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Reply With Quote
     
     
  #40  
Old Posted Oct 19, 2020, 2:59 AM
NYguy's Avatar
NYguy NYguy is offline
New Yorker for life
 
Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,747
https://nypost.com/2020/10/18/roosev...ng-developers/

Developers eyeing coveted Roosevelt Hotel site



The Roosevelt Hotel in Manhattan and Jennifer Lopez, who starred in "Maid in Manhattan" which was shot at the hotel.


By Steve Cuozzo
October 18, 2020


Quote:
Last week’s news that the historic Roosevelt Hotel was closing had New Yorkers teary-eyed and developers drooling.

The historic, nearly 100-year-old Roosevelt announced on Oct. 12 that it would be checking out for good at the end of the month because it could no longer survive the pandemic. Longtime owner Pakistan International Airlines said it has “currently no plans for the building” after that. But that hasn’t stopped tongues from wagging over the real estate at 45 E. 45th St., which takes up the whole block between Madison and Vanderbilt avenues and between East 45th and 46th streets.
Quote:
Surely, it will be missed as the setting for Guy Lombardo’s New Year’s Eve ballroom performances and for its atmospheric public spaces. But it’s the property’s potential that is tantalizing developers, who’ve been circling it for years as the roughly 43,000-square-foot site can support a new building much larger than the current 18-story one.

The Roosevelt lies within the Vanderbilt Corridor rezoning area, which preceded wider East Midtown rezoning. A new building in the corridor may be taller and have much more floor area than an existing one subject to city approval, depending on public amenities provided by owners and other considerations.

Sources said PIA paid off all of the Roosevelt’s debt shortly before the closing announcement. However, buyer wannabes might be out of luck. PIA seems likely to convert the property into a Class A office tower in a joint-venture partnership with a development company.
Quote:
Asked if the Roosevelt could be revived as a born-again luxury inn, a hotel dealmaker who didn’t want to be identified scoffed, “The office market will rebound a lot sooner than the hotel market.”

Pakistani aviation minister Ghulam Sarwar Khan last week termed chatter about a sale “misleading” and “speculative” and said there were no plans to unload the hotel.
Quote:
In 2017, when PIA was weighing options for the hotel due to poor returns, Pakistani Prime Minister Shahid Khaqan Abbasi said his government considered the Roosevelt an important historical property and told PIA to forget about selling.

The venerable inn was the setting for scenes from “Wall Street,” where Michael Douglas, as Gordon Gekko, delivered his “Greed is good” speech in the ballroom. “Maid in Manhattan” with Jennifer Lopez and many other films also shot scenes there.

Cushman & Wakefield investment-sale wizard Doug Harmon, who is not involved at the Roosevelt, described its desirability for office use: “The Grand Central submarket maintains one of the longest average tenant tenures in the city. As the city recovers, there will be an increased desire for offices near mass transit or train lines to ease commute times. Nobody is coming out of 2020 with an increased desire for longer commutes.”




https://nayadaur.tv/2020/10/roosevel...hould-be-sold/

Roosevelt Hotel Is A White Elephant That Should Be Sold





Shajeel Zaidi
October 18, 2020


Quote:
It was originally the Grand Dame of Madison Avenue but of course they restyled it to the Grand Dame of New York. And that too is a chapter which has ended, for the historic hotel has announced that is it going to shut its doors. It could not withstand the economic shock induced by the pandemic. The hotel market in the United States and Europe suffered by the onslaught of Airbnb and the virus blew to smithereens whatever remained of it. If the government of our beleaguered nation was ever thinking of selling this gem of a property, this is certainly not the right time.

The Roosevelt was where the legendary hotelier, Conrad Hilton, had a presidential suite because he preferred the magnificence and splendour of its rooms over Waldorf Astoria and The Plaza – some of his other cocoons of leisure. Now, it is a rustic old hotel, with “burns on the rugs, peeling wallpapers, and broken tiles in tiny bathrooms.” The grand dame may be decaying now because the management is out of cash to spend on refurbishing but the iconic building is where movies such as “Man on The Ledge” and “Wall Street” were filmed. Its aura of grandeur may be diminishing but it still has a very prime location, only minutes of walk away from the Central Park, Time Square, and the high-end stores on Fifth Avenue. Pray tell, what else do tourists come to New York for? It was once also connected to the Grand Central via an underground pathway. Even now, the station is only half a block away
Quote:
.....the Cabinet Committee made the right decision to cancel the sale of the Roosevelt Hotel for the time being given the current market situation. But the real fear is that the August event might never happen, not because it may or may not be financially feasible for the government but because we have been led to have an emotional attachment to a hotel which for all intents and purposes is just that – a hotel amongst countless others in the world. And that too which has hardly ever been cashflow positive for PIA.

Even the last government was too scared to push the button. In the words of former PM Shahid Khaqan Abbasi at that time, it was part of the “cultural heritage” of Pakistan. Of all the reasons he could have given and all the words he could have chosen, this is what he said! It may be in our collective psyche to bring our nationalism and false sense of pride in all matters, but Pakistan is not like Qatar whose sovereign wealth fund has $300 billion to invest and can afford to buy and maintain the New York’s Plaza Hotel and even St Regis. We are a cash starved, debt strapped country which cannot afford to divest $125 million from our meager resources into a white elephant called The Roosevelt.
__________________
NEW YORK is Back!

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.

Last edited by NYguy; Oct 19, 2020 at 3:14 AM.
Reply With Quote
     
     
This discussion thread continues

Use the page links to the lower-right to go to the next page for additional posts
 
 
Reply

Go Back   SkyscraperPage Forum > Global Projects & Construction > Proposals
Forum Jump


Thread Tools
Display Modes

Forum Jump


All times are GMT. The time now is 8:08 AM.

     
SkyscraperPage.com - Archive - Privacy Statement - Top

Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2024, vBulletin Solutions, Inc.