NEW YORK, Sept 30: The sale of Roosevelt Hotel jointly owned by Pakistan International Airlines Investments Limited (PIAL) and a Saudi firm could be delayed indefinitely following President Pervez Musharraf’s statement that “we are thinking whether or not to sell this place.”
Gen Musharraf made the remarks during his stay at the hotel which went on the selling block last February.
Roosevelt Hotel, located in the heart of downtown Manhattan, is considered to be a prime location and property, and many New York developers including Donald Trump have reportedly put in the bid to buy it.
A task force to finalize the sale of Roosevelt Hotel and other properties owned by PIA Investments was created under a presidential decision last year.
Bids for the purchase of the property have been invited by the task force which is expected to make a decision in October. However, if the task force believes that offers received were not reasonable it can abort the sale.
President Musharraf reportedly called the renovated and upgraded hotel “beautiful” and his comments about the future of the hotel could have their own ramifications.
According to sources, PIAL’s Saudi partner, has expressed reservations about selling the hotel at a time when property values in New York have taken a dive.
