Explanation:
🏨 History of PIA’s Hotel – The Roosevelt Hotel, New York
📌 Basic Facts:
- 🏨 Name: The Roosevelt Hotel
- 📍 Location: Midtown Manhattan, New York City, USA
- 🏗️ Opened: September 22, 1924
- 🏢 Owned by: Pakistan International Airlines (PIA) through its investment arm Pakalp (PIA Investments Limited)
- 🏦 Purchase Year: 1979 (PIA became full owner in 1999)
🕰️ Key Historical Timeline:
✅ 1924 – Hotel was opened, named after President Theodore Roosevelt
✅ 1979 – PIA, via Pak-Arab Investment Company, acquired a major share
✅ 1999 – PIA purchased 100% ownership of the hotel
✅ 2020 – The hotel closed operations in October 2020 citing financial losses due to COVID-19.