PIA Roosevelt hotel worth over $1 Billion in Manhattan, New York City, USA
In 1999, PIA exercised their option and bought the hotel for $36.5 million, after a legal battle with owner Paul Milstein, who claimed it was worth much more.
According to documents available with this scribe, the total revenue of Roosevelt Hotel, owned of PIA, was recorded at $939.392 million in the last ten years, while the expenses were recorded at $889.530 million, whereas the total profit of this entity stood at $49 million.
Now At the average price, Roosevelt, with its 1,015 rooms, would sell for more than $1 billion.
Documents reveal that the total revenue of Roosevelt Hotel was $107 million in 2008 which plunged down to $93 million in 2017. The total expenses of the property were $86 million in 2008 which surged to $96 million during the last 10 years. Similarly, the profit of the high-end hotel was recorded at $21 million in 2008 which also plunged down to $3.032 million in 2017.
The hotel earned a profit during the period 2008 to 2014, however, it sustained losses from 2015 to 2017.
According to officials, the government considers Roosevelt Hotel as an important historical building owned by the state, as the hotel, apart from being a valuable property, also carries cultural significance for Pakistan.