Pakistan is seeking a valuation of at least $1 billion for New York’s iconic Roosevelt Hotel and is prepared to sell a minority stake to a redevelopment partner. The century-old property, named after former U.S. President Theodore Roosevelt, is one of Pakistan’s most valuable overseas assets. Acquired in 2000, the hotel was shut down in 2020 due to financial losses and briefly served as a migrant shelter.
As part of Pakistan’s $7 billion IMF-backed privatization drive, the government approved a joint venture (JV) model for the Roosevelt Hotel to maximize long-term returns. A senior official confirmed that Pakistan will retain partial ownership through an equity partnership but did not disclose the stake size. Global real estate firm JLL (Jones Lang LaSalle) will manage the sale process, with a deal expected within six to nine months.
The 42,000 sq ft property, situated near Grand Central Terminal, Times Square, and Fifth Avenue, is in one of Manhattan’s most prestigious commercial zones. The government envisions a mixed-use redevelopment (residential and office space) and estimates the project will take 4-5 years to complete. Officials report “extremely high” investor interest, with Pakistan expecting an initial $100 million payment by June 2026.
This move aligns with Pakistan’s broader privatization strategy, which also includes selling stakes in debt-ridden Pakistan International Airlines (PIA)—the current owner of the Roosevelt Hotel. While PIA and the Privatization Ministry remained silent on the matter, experts see this as a crucial step to boost foreign reserves and attract global investors. Will this landmark deal reshape Pakistan’s economic future?