J.P. Morgan Chase has provided a $140-million loan to refinance existing debt on the Roosevelt Hotel in New York, a hotel that is owned by the Pakistani government’s state-run Pakistan International Airlines, public records show, and as reported by Commercial Observer.
The 1,015-room hotel at 45 East 45th Street recently underwent a large guestroom upgrade, which commenced in November 2011.
PIA acquired the hotel for $36.5 million in 1999 in a partnership with Saudi Arabia’s Prince Faisal bin Khalid bin Abdulaziz Al Saud. PIA later bought out Prince Al Saud’s share in 2005, taking full control of the hotel.
The Pakistani government put the hotel up for sale in 2007, with an asking price of $1 billion, and then took it off the market in 2011.
The loan from J.P. Morgan closed on May 9.