PIA signs new agreement for its Roosevelt Hotel in USA

KARACHI: Pakistan International Airline (PIA) has signed a new agreement for its Roosevelt Hotel in the United States of America, which help in generating the revenue valued of $5.4 million annually, ARY News reported on Monday.

According to details, PIA has entered into a new agreement with the New York City Health and Hospitals Corporation for its Roosevelt Hotel in the USA.

Under this agreement, the PIA’s owned hotel will be operated by the New York City Health and Hospitals Corporation for a period of three years, while the sources revealed that this agreement is valued at an annual amount of $5.4 million.

READ: ECC approves settlement agreement of Roosevelt Hotel

The American firm will provide housing for healthcare migrants in the hotel. As per the agreement, the corporation has also granted an 18-month guarantee to PIA Investment Management.

The American firm has also reached a settlement agreement with the union of the Roosevelt Hotel. PIA administration states that after this new agreement, the hotel will reopen.

It is worth noting that the Pakistan Stock Exchange (PSX) administration had sought a response from the PIA administration regarding the matter of the Roosevelt Hotel in the United States.