Pakistan International Airlines (PIA) has signed a rental deal for its Roosevelt Hotel with an American organization called New York City Health and Hospitals Corporation, reported 24NewsHD TV channel on Monday.
According to the contract, the Roosevelt Hotel will be operated by the New York City Health and Hospitals Corporation for three years.
Under the agreement, the American firm will provide housing for migrants in the Roosevelt Hotel. The US firm has also given an 18-month guarantee to the PIA Investment Management.
The American firm has also signed a settlement agreement with the union of the Roosevelt Hotel.
PIA administration said that after the new agreement, the Roosevelt Hotel has been reopened.
The Pakistan Stock Exchange administration has sought a response from the PIA administration regarding the Roosevelt Hotel in Manhattan.
On May 10, the government 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.
Reporter Saeed Ahmad Saeed