Pakistan has decided to set a starting price of $100 million for selling the famous Roosevelt Hotel in New York, which is owned by Pakistan International Airlines (PIA). This move is part of the country’s privatisation plan for the financial year 2025-26.
The final sale price may change depending on how the deal is structured. The Cabinet Committee on Privatisation will approve the final terms. A valuation done by the American real estate company Jones Lang LaSalle (JLL) showed that the price could be much higher if the buyer receives permission to redevelop the site or enter into a joint venture.
The Roosevelt Hotel, located in the heart of Manhattan, has been closed since 2020. However, it earned about $220 million in 2023 when it was temporarily used under a lease agreement. The building’s prime location and historic value make it a valuable asset.
The hotel sale is just one part of Pakistan’s larger privatisation strategy. The government is planning to raise around Rs86 billion by selling major state-owned assets, including parts of PIA and power sector companies. These steps are aimed at improving the country’s financial position and reducing the burden of loss-making state enterprises.
Officials believe that successful asset sales like the Roosevelt Hotel can help bring in much-needed funds, attract international investors, and boost economic stability.
