Pakistan Seeks Valuation for Iconic Roosevelt Hotel Amid Redevelopment Plans

Pakistan is targeting a valuation of at least $1 billion for its Roosevelt Hotel property in New York, intending to divest a minority stake as it seeks a redevelopment partner, according to a senior government official.

The hotel, named after U.S. President Theodore Roosevelt and regarded as one of Pakistan's crucial foreign assets since its acquisition in 2000, ceased operations in 2020. Recently, it has also served as a migrant shelter. In line with a $7 billion privatization initiative backed by the IMF, Pakistan's government has approved a joint venture model for the hotel's transaction, emphasizing long-term value maximization.

An anonymous senior official stated that the government will maintain ownership through an equity partnership but refrained from disclosing specific stake sizes. As Jones Lang LaSalle manages the transaction, the government anticipates redeveloping the site for mixed residential and office use. The redevelopment process is projected to conclude within six to nine months.

(With inputs from agencies.)