Pakistan Seeks $1bn Valuation, Minority Stake Roosevelt Hotel New York

Pakistan is seeking a valuation of at least $1 billion for its Roosevelt Hotel in New York City and plans to sell a minority stake in the property through a joint venture model as part of a broader $7 billion IMF-backed privatization initiative. The century-old hotel, acquired in 2000 and shut in 2020 due to losses, is considered one of Pakistan's most valuable foreign assets and has recently served as a migrant shelter. The government aims to retain ownership via an equity partnership while inviting redevelopment proposals to transform the 42,000-square-foot site into a mixed-use residential and office complex. The transaction will be managed by real estate advisory firm Jones Lang LaSalle (JLL), with a deal expected to close within six to nine months and redevelopment projected to take four to five years. Interest in the property is reportedly high, with an anticipated initial payment of $100 million from the joint venture by June 2026. No official comments have been provided by Pakistan International Airlines or JLL, and the exact size of the stake to be offered remains undisclosed.