Pakistan eyes $1 billion valuation in Roosevelt Hotel redevelopment plan, source says

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.