THIS is with reference to the editorial `Privatising SOEs` (Dec 8). Privatising haemorrhaging state-owned enterprises (SOEs) is a step in the right direction, but the roadmap for Roosevelt Hotel is definitely flawed.
I have briefly stayed at that hotel in 2018. It had an excellent location and construction, but was not among the top preference for visitors to New York. The reason was poor management, lack of basic amenities in the rooms and guest services.
Though it had large rooms, there was a need for sound insulation as one could remain unnecessarily informed of all the trains in Grand Central. Proper restaurants were lacking, and, overall, it didnothave the `class`to attractthe moneyed people who stayed away from it.
It is more of an image problem that stops it from earning revenue commensurate with its location and size. All this is due to the fact that it did not adapt.
Pakistan International Airlines (PIA) has now leased it for $200 million after a $6 million investment, and it is now being used as a shelter for immigrants.
However, this is going to further erode its image as a hotel.
Razing it to ground to make way for a new structure as a joint venture is anything but a wise idea. In all probability, it will be throwing good money after the bad. A serious thought should be given to have a partnership with a leading hotel chain that may lend its name to the property. This will restore the image of the property. Subsequently, it may be run on a shared risk basis.
