Sponsor Message:
Civil Aviation Forum
My Starred Topics | Profile | New Topic | Forum Index | Help | Search 
PIA Buys Sribe Hotel  
User currently offlineGF-A330 From United Kingdom, joined Apr 2001, 1644 posts, RR: 2
Posted (14 years 1 month 3 weeks 6 days 16 hours ago) and read 3257 times:

PIA buys Scribe Hotel

PIA has taken over the entire shares of Scribe Hotel, Paris, running under the management of PIA Investment Limited (PIAIL) - a subsidiary of PIA.

According to the deal, the national flag carrier has paid $27 million to take over the sole ownership of the four-star deluxe hotel, located in the most prime location of Paris, Managing Director PIAIL, A R Khan told The News.

The PIAIL has arranged $18 million from a consortium of banks while it paid $9 million from its own resources. Instalments of the loan would also be paid by the PIAIL, he said. The PIA is a partner of 50 per cent in PIAIL with the Royal family of Saudi Arabia.

After the go ahead signal of PIA Chairman Lt General (retd) Hamid Nawaz, the PIAIL inked the deal on March 20 in Paris. The airline took over the control of Roosevelt Hotel, New York, in 1999.There are four hotels - one each in New York, Paris, Dubai and Riyadh -running under the management of PIAIL. Now, PIA is the sole owner of Roosevelt Hotel, New York, and Scribe Hotel, Paris.

Having 237 rooms, Scribe Hotel is the only four-star hotel located in the Opera area, Khan said. The PIAIL procured the hotel on rent in 1980. Khan said PIA had planned to take over ownership of the hotel in 1996, but at that time it missed the opportunity. The present

PIA management took keen interest in the matter that made it possible to take over all the shares of the hotel, whose market value was about 1 billion French Francs or $140 million, he said.

Khan said that financial position of the PIAIL was sound. He said the Roosevelt Hotel was also doing fine business. During the first quarter of the current calendar year, the hotel did a business of $12.5 million, $2.5 million over the target fixed by the management. The room occupancy was 71 per cent as compared to the initial estimates of 53 per cent, he said.

Top Of Page
Forum Index

This topic is archived and can not be replied to any more.

Printer friendly format

Similar topics:More similar topics...
PIA Selling Off Roosevelt Hotel In New York posted Fri Aug 1 2003 15:56:32 by Airmale
PIA 777 Diverts To Goose Bay posted Mon Aug 3 2009 09:19:21 by 777way
PIA May Upgrade Leeds/Bradford posted Thu Jul 30 2009 02:51:15 by 777way
IL-18 Becomes Luxury Hotel posted Wed Jul 29 2009 06:49:57 by Flywrite
PIA 777-300 Visited Barcelona posted Tue Jul 21 2009 12:28:18 by 777way
PIA 747 Birdstrike ... Continued To Destination posted Fri Jul 17 2009 11:03:11 by Kaitak
Who Buys 777s With Finished Interiors posted Tue Jul 14 2009 08:52:16 by CFBFrame
DL Discontinues ATL-PIA, ATL-LNK posted Sun Jun 28 2009 06:22:40 by BigSaabowski
PIA 747 To Visit Lisbon In July posted Sat Jun 27 2009 12:50:13 by 777way
PIA No Stansted? posted Tue Jun 23 2009 12:19:16 by 777way