Roosevelt Hotel Co. - 1928 dated Stock Certificate
Inv# HT1020
Stock
Stock printed by Goes. Incorporated in St. Louis, Missouri. Fold flaws.
The Roosevelt Hotel is a former hotel and a shelter for asylum seekers at 45 East 45th Street in the Midtown Manhattan neighborhood of New York City. Named in honor of U.S. president Theodore Roosevelt, the hotel was developed by the New York Central Railroad and the New York, New Haven and Hartford Railroad and opened in 1924. The 19-story structure was designed by George B. Post & Son with an Italian Renaissance Revival-style facade, as well as interiors that resembled historical American buildings. The Roosevelt Hotel is one of several large hotels developed around Grand Central Terminal as part of Terminal City. Since 2000, Pakistan International Airlines (PIA) has owned the hotel. The hotel building contains setbacks to comply with the 1916 Zoning Resolution, as well as light courts above the third story on Madison Avenue. The hotel was mostly constructed above Grand Central Terminal's railroad tracks, and different structural frameworks were used in the lower and upper stories. The ground level largely contained stores, and the lobby, dining rooms, and other public rooms were one floor above ground. The third through 18th floors contained 1,025 rooms. When the Roosevelt opened, it contained several novel features, including a kennel for guests' pets, a child-care service, and an in-house doctor. The Roosevelt Hotel opened on September 22, 1924, and was originally operated by New York United Hotels Inc., a subsidiary of the United Hotels Company. After New York United Hotels went bankrupt in 1934, Roosevelt Hotels Inc. took over the hotel. Hilton Hotels took over management of the Roosevelt in 1943, eventually acquiring full ownership of the hotel, and sold it to the Hotel Corporation of America in 1956 following an antitrust lawsuit. Realty Hotels, a holding company run by the New York Central, took over the hotel in 1964. Paul Milstein acquired the hotel in 1978 and leased the hotel to PIA the following year. PIA and Prince Faisal bin Khalid bin Abdulaziz Al Saud bought the hotel in 2000, and PIA then acquired Prince Faisal's ownership stake. The hotel closed in 2020 due to continued financial losses associated with the COVID-19 pandemic; it reopened as a shelter for asylum seekers in 2023.
A stock certificate is issued by businesses, usually companies. A stock is part of the permanent finance of a business. Normally, they are never repaid, and the investor can recover his/her money only by selling to another investor. Most stocks, or also called shares, earn dividends, at the business's discretion, depending on how well it has traded. A stockholder or shareholder is a part-owner of the business that issued the stock certificates.
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