Posted on July 11, 2007
Filed Under >Adil Najam, Economy & Development
Total Views: 29487

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14 responses to “Pakistan Airlines (PIA) Puts Roosevelt Hotel for Sale: Asking Price = $1 Billion”

  1. Bola Tinubu says:

    I am Ashiwaju Bola Tinubu, Ex Gorvernor of Lagos State, Nigeria. I saw your real estate in my search for a real estate to invest in and i am very much interested to buy. please get back to me via my personal email address so that we can discuss the terms and conditions. my email is i want to communicate via my personal email address only for security reasons because as the immediate past gorvernor of lagos state, all my activities as well as investments are being monitored by the Nigerian Gorvernment and the EFCC.

    I will be waiting to hear back from you soonest.

    Yours Sincerely,
    Bola Tinubu
    (Ex Gorvernor of Lagos State Nigeria)

  2. Sufi says:

    For the record, PIA posted losses of around Rs. 28 billion. So almost half of the money coming in from Roosevelt will be balancing that out.

  3. Deeda-i-Beena says:

    Selling Roosevelt Hotel because the New York Real Estate market has reached a high would be a good business decision. A better decision would then be to reinvest the proceeds for further growth. But, to sell this prime property just to overcome the dire financial straits in which PIA finds itself is no solution. To sell family jewels to pay for the living expenses is certain to send them to the poor house for good. When PIA bought the Roosevelt and other properties, they were a great and profitable Airline which saved money to invest. The wisdom and abilities of those Managers have resulted today with the wealth that would pay for the mis-deeds of today’s mis-Managers.
    The problems of PIA are not cash flow. It is the gross mismanagement and parasitic, touching on suicidal behaviour and practices of each and everyone of its workers. They are unable to comprehend that if there is no PIA, there is no job for them.
    It is impossible to visualise a more callous outfit. When the Continental Airline was going into Bankruptcy, its employees rose shoulder to shoulder, took salary and benefits cuts and resurrected an almost dead ailine. Today, despite the airline industry’s malaise, it has emerged as one of the successful airline. Shame on all those who work for PIA. Whatever happened to THE GREAT PEOPLE?

  4. jayjay says:

    PIA has become a drain. There is no point in keeping this white elephant running as a public enterprise, when tax-payers have to subsidize its operational cost. Our obsession to keep PIA flying as a ‘national flag carrier’ is prejudicing the government against opening up its skies to competition and therefore making air travel cheaper. Sell the hotel, sell the airline, sell the Steel Mills and all loss making entities. It is not a government’s job to run soup kitchens of armies of ‘hudharams’. We should rather spend the billions, spent on propping up these unviable ventures, on developing infrastructure, and health and education facilities.

    No more new airplanes please when parasitical staff and manager will nullify any productivity gains.