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Pakistan International Airlines Investments Limited Retains
Ownership of the Historic Roosevelt Hotel;
Renovations Planned

NEW YORK, Oct. 17, 2003 - The Roosevelt Hotel, located in midtown Manhattan, is not for sale, following months of speculation and rumors.  The current owners, Pakistan International Airlines Investments Limited will retain the historic hotel and plan to announce further enhancements to the property.  Renovations to the meeting and public spaces are expected along with overall upgrades to the catering facilities and the creation of several concierge floors for business travelers.  These plans are in addition to a $3-million soft goods makeover in all guestrooms and a renovation to the Madison Club Lounge, both completed in early 2003.

“Our owners have been involved with this property for more than 25 years and remain dedicated to the hotel and being part of New York City, “said David Bird, General Manager.  “Over the last two decades, the owners have weathered the ups and downs in the hotel market.  Currently, the travel industry continues to experience one of the worse declines in recent history.  However, our owners are committed for the long term, at a time when others may have recently given up hope on a successful hotel ownership in the city.”

Bird added, “We are excited to be celebrating the property’s 80th anniversary in 2004 and look forward to greeting many guests for years to come.”

A “Grand Dame” of Madison Avenue since 1924, the Roosevelt Hotel spans along an entire city block and just steps away from Grand Central Station.  The hotel also has been seen in several major motion pictures, including “Maid in Manhattan,” “Boiler Room,” “Wall Street” and “The French Connection.”

A prominent landmark situated on Madison Avenue and 45th Street in New York City, The Roosevelt hotel was named in honor of President Theodore Roosevelt.  The hotel opened in 1924 and its historic heritage is reflected in the meticulously restored interiors, designed to capture the original architecture and offer modern-day amenities.  With 1,013 guestrooms and 30,000 square feet of meeting space, The Roosevelt offers the ideal experience for both business and leisure travelers.  The Roosevelt Hotel is managed by Interstate Hotels & Resorts.  


 
Contact:
Roosevelt Hotel
http://www.theroosevelthotel.com
Also See: Roosevelt Hotel Sold for for $36 million Based on 1979 Irrevocable Option to Purchase the 1,040 Room Hotel / May 2000


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