New York's Roosevelt Hotel refinanced by J.P. Morgan

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.

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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.

 

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