Roosevelt Hotel | Pakistan

Pakistan is considering options for the Roosevelt Hotel in New York City, including demolishing the building, as part of its efforts to meet commitments to the International Monetary Fund (IMF), US outlet Bloomberg reported on Saturday. Named after former US president Theodore Roosevelt, the century-old property in midtown Manhattan is seen as one of Pakistan’s most valuable foreign assets, which it acquired in 2000. Faced with mounting losses, the over 1,000-room hotel was shut in 2020, and has also operated briefly as a migrant shelter. As part of its $7 billion IMF loan agreement, the government approved a “transaction structure for the Roosevelt Hotel” in July, saying it would not conduct an outright sale but decided to adopt a joint venture model to maximise long-term value. Muhammad Ali, the adviser to the prime minister on privatisation, told Bloomberg that one of the options is to raze the storied landmark and build a skyscraper in its place. “The government is keen on a joint venture where Pakistan w...

Pakistan is seeking a valuation of at least $1 billion for the Roosevelt Hotel it owns in New York and is ready to part with a minority stake in the prime Manhattan property as it scouts for a redevelopment partner, a senior government official said. Named after former US President Theodore Roosevelt, the century-old property in midtown Manhattan is seen as one of Pakistan’s most valuable foreign assets, which it acquired in 2000. Faced with mounting losses, the over 1,000-room hotel was shut in 2020, and has also operated briefly as a migrant shelter. As part of its $7bn IMF-backed privatisation push, the government approved a “transaction structure for the Roosevelt Hotel” on Tuesday, saying it won’t do an outright sale but has decided to adopt a joint venture model to maximise long-term value. It gave no further details. The senior official said the government will retain ownership in the project through an equity partnership, but declined to disclose the size of the stake being offered to any potential JV...

The Cabinet Committee on Privatization (CCOP) has approved the proposed transaction structure for the iconic Roosevelt Hotel in New York, opting for a joint venture model as part of Pakistan International Airlines’ (PIA) ongoing privatization process.