The Roosevelt Hotel, which is owned by Pakistan International Airlines (PIA), was said to be up for sale to the United States, according to The News. Aviation and Railways Minister Khawaja Saad Rafique categorically disputed the rumours.

The aviation minister stated during a press conference on Saturday that the incoming government will decide the hotel's fate in the next year.

He advised hiring a financial advisor to investigate all potential joint ventures for building the hotel, as suggested by the previous administration.

Rafique stated that he wants the Roosevelt Hotel decisions to be made by the next administration.

Selling the hotel is not an option, not even in the future, he insisted, adding that all that is needed is to get it up and running.

The minister claimed that PIA is having a great deal of difficulty. He said that a joint venture between the PIA and Turkish Airlines had brought in Rs2.14 billion. He added that a joint venture proposal from Emirates Airlines has been made and is being considered.

According to the minister, PIA's revenue is anticipated to reach Rs170 billion, which is the highest.

Continually closed

Due to financial limitations, the Roosevelt Hotel, which is owned by PIA, will permanently stop accepting guests on October 31, 2020.

According to the announcement, "The Roosevelt Hotel regrettably closes its doors permanently as of October 31, 2020," nearly a century after greeting visitors to "The Grand Dame of New York."

The change happened as a result of the then-Economic Coordination Committee (ECC) approving money worth $142 million to address the hotel's financial issues.

Hotel not up for sale

The government has frequently denied the rumours that it has decided to sell the hotel that have been circulating both currently and in the past.

Earlier on August 26, 2022, Miftah Ismail, a former finance minister, made it clear that the federal government had no plans to transfer Qatar its ownership stake in the Roosevelt Hotel.

Following allegations that Pakistan was considering selling shares in the state asset in order to obtain loans from the Gulf state, he made his remarks.

Coincidentally, the finance minister claimed, "We did not discuss the Roosevelt Hotel during our talks.

The Hotel Roosevelt

On September 23, 1924, hotel built by Niagara Falls industrialist Frank A. Dudley welcomed its first guests. United Hotels Company was in charge of its management.

Through its investment subsidiary, PIA Investments Ltd., the national airline leased the hotel in 1979 with a 20-year option to acquire the structure. A significant investor in the 1979 purchase was Prince Faisal bin Khalid bin Abdulaziz Al Saud of Saudi Arabia.

Following the 20-year tenure, PIA paid $36.5 million to purchase the hotel in 1999.

In exchange for the prince's $40 million stake in the Paris Hotel Scribe and the PIA's stake in the Riyadh Minhal Hotel, the airline agreed to buy out its Saudi partner in 2005.

Since that time, the national airline has owned 99% of the hotel, while Saudi Arabia owns the remaining 1%.