The Privatisation Commission has placed an advertisement in the New York Times seeking technical and financial proposals from qualified firms. The selected adviser will help structure a joint venture for the hotel’s development, in line with the Privatisation Commission Ordinance 2000.
The Roosevelt Hotel stands as a 19-story landmark in Midtown Manhattan, featuring 1,025 rooms and spanning more than 600,000 square feet. Located near Grand Central Terminal, Times Square, and Fifth Avenue, the property has remained closed since 2020 after facing heavy losses. It briefly served as a shelter for migrants but is now set for redevelopment rather than a full sale.
Government Aims for Major Investment
Officials expect the joint venture to draw over $1 billion in investment from a private partner. Plans include adding floors or redeveloping the site—possibly into a taller mixed-use building—to boost its overall value. This approach would allow the government to reduce its ownership stake while retaining a share in a more valuable asset.
The process will be open and competitive on an international level. Investment banks, consultancy firms, and real estate experts from around the world are invited to submit proposals.
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This move comes after earlier delays and reviews of options, including potential redevelopment into a high-rise. Recent reports indicate interest from global players, with the government favoring a model where Pakistan contributes the land and the partner brings equity and funding.
The hotel, acquired by PIA in 2000, ranks among Pakistan’s most valuable overseas holdings. Its future redevelopment could mark a significant shift for the property after years of closure and changing uses.
