PIA gets nod for Roosevelt Hotel rental deal

The government on Wednesday allowed the Pakistan International Airlines-Investment Ltd (PIA-IL) to sign an agreement with the New York City Government (NYCG) for the utilisation of Roosevelt Hotel on rental for three years after reaching a settlement deal with the hotel union. The decision was taken at a special meeting of the Economic Coordination Committee (ECC) of the Cabinet that also allowed two supplementary grants worth Rs153 million as legal expenses in a water dispute with India and Rs4 billion local currency cover to secure disbursement of equivalent loan from the World Bank. Finance Minister Ishaq Dar presided over the meeting. Based on a briefing and summary of the Ministry of Aviation on challenges and re-opening of Roosevelt Hotel, New York, the ECC “approved the execution of settlement agreement with the hotel union and the New York City Government”, said an announcement, adding that it further gave nod for withdrawal of pending lawsuits by the Roosevelt Hotel with the hotel union and the City of New York pursuant to the terms of the settlement agreement with the union.