ISLAMABAD — Pakistan’s government is seeking a $1 billion valuation for the Roosevelt Hotel in New York City, aiming to offer a minority stake in a joint redevelopment venture while retaining overall ownership. This forms part of a broader $7 billion IMF-backed privatization drive.
The Roosevelt Hotel, owned by Pakistan International Airlines (PIA) through its investment arm, ceased full operations in 2020 amid mounting losses. Since then, parts of the property have been used sporadically, including as a temporary migrant shelter. The new plan marks a shift—Pakistani officials now seek strategic partners to convert the site into a mixed-use development including offices and residences.
Situated on 42,000 square feet in midtown Manhattan, near landmarks like Times Square, Grand Central Terminal, and Fifth Avenue, the property has drawn high investor interest. A senior official told Business Recorder that an initial payment of $100 million is expected by June 2026, reflecting investor confidence in the venture’s potential.
The Cabinet Committee on Privatisation has approved the structure, and global real estate advisory firm Jones Lang LaSalle (JLL) has been appointed to manage the transaction. Pakistani authorities are aiming to close the deal within six to nine months, with actual redevelopment expected to be completed over the following four to five years.
This effort complements ongoing privatizations, including a partial stake sale in PIA, as required by International Monetary Fund (IMF) conditions. Four bidders have already been pre-qualified for the PIA deal. While the government has not yet announced a base price for the Roosevelt stake, patience is expected as detailed plans and valuations finalize.