Pakistan's Roosevelt Hotel in New York shuts down after 94 years
Last updated on: 21 December,2020 09:45 pm
Pakistan's Roosevelt Hotel in New York shuts down after 94 years
NEW YORK (Dunya News) – New York’s Roosevelt Hotel, which is the property of Pakistan International Airlines (PIA), has finally shut down operations after 94 years. The Hotel’s management has notified New York City administration of the closure.
It is said that the famous hotel was facing financial struggles in recent years, and the situation was worsened by coronavirus restrictions. After the outbreak of the virus, the hotel was operating at a loss. The closure has resulted in 431 employees losing their jobs.
According to US media reports, the announcement to shut down the hotel for an indefinite period of time was made back in March. The 1,025 room hotel is owned by PIA, which has been deliberating the future of the foreign asset.
It is important to note that the virus has resulted in the loss of around 0.75 million jobs related to the hotel industry alone.