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PIA property: Is The Roosevelt Hotel worth over $1 billion?

NEW YORK:It stands on the corner of 45th Street and Madison Avenue, in the heart of Midtown Manhattan, bearing a quintessentially American name. Yet The Roosevelt Hotel is the property of Pakistan International Airlines (PIA).

As the conversation about the national carrier’s ailing finances continue to unfold, one of the questions that will invariably be asked is: how much is The Roosevelt Hotel worth, and would selling it help PIA? But a little knowledge of history is needed first…….

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