A view of the Roosevelt Hotel is seen in this file photo.
WASHINGTON: Pakistan is considering injecting $35.58 million as second bailout package for the Roosevelt Hotel in Manhattan, New York, that is owned by Pakistan International Airlines Investment Limited (PIAIL), a hotel industry magazine reported on Friday.
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Hotel Management, a magazine that started in 1922 in New York, also reported that Pakistan’s Economic Coordination Committee of the cabinet had discussed setting up of a panel to provide this bailout package for the property.
According to the report, in September 2020, the panel approved $142m to cater to the immediate financial needs of the hotel. This amount was arranged as a loan from the National Bank of Pakistan with a per annum mark-up of $5.9m.