who owns the roosevelt hotel in new york
The Roosevelt Hotel (Manhattan) Beginning in 1979, the hotel was leased by the Pakistan International Airlines through its investment arm PIA Investments Ltd. ("PIA"), with an option to purchase the building after 20 years. Prince Faisal bin Khalid bin Abdulaziz Al Saud of Saudi Arabia was one of the investors in the 1979 deal.[4] 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.[5] In 2005, PIA bought out its Saudi partner in a deal that included the prince's share in Hôtel Scribe in Paris in exchange for $40 million and PIA's share of the Riyadh Minhal Hotel (a Holiday Inn located on property owned by the prince).[3] PIA has since controlled 99 percent interest in the hotel, while the Saudis have only 1 percent.