As part of its IMF-backed privatization drive, Pakistan plans a strategic joint venture to transform the iconic Roosevelt Hotel into a lucrative mixed-use development in the heart of New York City.
KARACHI, July 10. In a bold move to unlock the value of its foreign assets, Pakistan is seeking a $1 billion valuation for the historic Roosevelt Hotel in Manhattan, New York, with plans to enter a joint venture for its redevelopment. The hotel, owned by Pakistan International Airlines through an investment arm, has remained closed since 2020 amid financial losses.
According to a senior government official, Pakistan will retain ownership via an equity partnership but is open to selling a minority stake. Global real estate firm Jones Lang LaSalle (JLL) has been tasked with overseeing the transaction, which is expected to conclude within six to nine months.
Located near Times Square and Grand Central Station, the 42,000-square-foot property is considered prime Manhattan real estate. The redevelopment vision encompasses residential and office use, with an anticipated project timeline of 4–5 years.
Part of a $7 billion IMF-backed privatization plan, this initiative reflects growing investor interest in Pakistani assets abroad. The government anticipates receiving an initial $100 million by mid-2026 from the joint venture, marking a significant step toward economic recovery and enhanced global engagement.