YORK: According to The News on Sunday, which cited Bloomberg, Pakistan is evaluating its options for the Roosevelt Hotel in Midtown Manhattan as part of the South Asian country’s efforts to fulfill its obligations to the International Monetary Fund (IMF).
According to Muhammad Ali, the prime minister’s adviser on privatization, demolishing the iconic monument and replacing it with a skyscraper is one possibility.
He told Bloomberg in Islamabad that the government is interested in a joint venture in which Pakistan would provide the land and the partner would provide the equity. If it makes financial sense, the alternative is to keep the hotel, he said.
During the epidemic, the Pakistan International Airlines (PIA)-owned historic hotel was forced to close.