Roosevelt Hotel is Not for Sale

PRNewswire NEW YORK Oct. 17 :

The Roosevelt Hotel, located in midtown Manhattan, is not for sale,
following months of speculation and rumors. The current owners, Pakistan
International Airlines Investments Limited will retain the historic hotel
and plan to announce further enhancements to the property. Renovations to
the meeting and public spaces are expected along with overall upgrades to
the catering facilities and the creation of several concierge floors for
business travelers. These plans are in addition to a $3-million soft goods
makeover in all guestrooms and a renovation to the Madison Club Lounge,
both completed in early 2003.
“Our owners have been involved with this property for more than 25 years
and remain dedicated to the hotel and being part of New York City, “said
David Bird, General Manager. “Over the last two decades, the owners have
weathered the ups and downs in the hotel market. Currently, the travel
industry continues to experience one of the worse declines in recent
history. However, our owners are committed for the long term, at a time
when others may have recently given up hope on a successful hotel
ownership in the city.”

Bird added, “We are excited to be celebrating the property`s 80th
anniversary in 2004 and look forward to greeting many guests for years to

A “Grand Dame” of Madison Avenue since 1924, the Roosevelt Hotel spans
along an entire city block and just steps away from Grand Central Station.
The hotel also has been seen in several major motion pictures, including
“Maid in Manhattan,” “Boiler Room,” “Wall Street” and “The French
A prominent landmark situated on Madison Avenue and 45th Street in New
York City, The Roosevelt hotel was named in honor of President Theodore
Roosevelt. The hotel opened in 1924 and its historic heritage is reflected
in the meticulously restored interiors, designed to capture the original
architecture and offer modern-day amenities. With 1,013 guestrooms and
30,000 square feet of meeting space, The Roosevelt offers the ideal
experience for both business and leisure travelers. The Roosevelt Hotel is
managed by Interstate Hotels & Resorts. For more information or
reservations, call 212-661-9600 or toll-free 888 TEDDY-NY, or visit the
hotel`s web site at