Pakistan’s Privatisation Commission has finalized the base valuation of New York’s Roosevelt Hotel at $100 million, with plans to sell the iconic property in 2025-26. The final sale price, however, will depend on the transaction structure approved by the Cabinet Committee on Privatisation (CCoP). Officials suggest the value could double or more if regulatory approvals for redevelopment are secured beforehand.
A senior official revealed that a joint venture model with private investors could increase the hotel’s worth four to five times the base valuation. While this approach would mean smaller upfront payments, it promises larger long-term gains. The Privatisation Commission Chairman emphasized that a risk-and-reward-sharing partnership would maximize returns for Pakistan.
The Roosevelt Hotel sale is a key part of Pakistan’s plan to raise Rs86 billion ($306 million) from privatisation next fiscal year. Other major assets on the block include Pakistan International Airlines (PIA) and three power distribution companies. Global real estate advisor Jones Lang LaSalle (JLL) has already completed the hotel’s valuation, leaving only the CCoP’s approval before the sale proceeds.
The Roosevelt Hotel, closed in 2020 due to COVID-19 losses, was leased to New York City in 2023 to accommodate asylum seekers, generating $220 million in rental income. However, the lease expired in 2024, leaving the property without a revenue stream. Now, Pakistan hopes its strategic sale will attract deep-pocketed investors and bolster the country’s struggling economy.