2 min read
Reports claim: Pakistan is preparing to sell a minority stake in the historic Roosevelt Hotel in Manhattan. The government is targeting a valuation of over $1 billion for the landmark property.
According to a senior government official quoted by Reuters, the decision is part of Pakistan’s $7 billion IMF-supported privatization plan. The Roosevelt Hotel, acquired in 2000, is among Pakistan’s most valuable overseas assets.
On Tuesday, the Cabinet Committee on Privatization (CCOP) approved the transaction structure proposed by the Privatization Commission Board. The committee evaluated three strategic options: outright sale, long-term lease, and joint venture.
The joint venture model was selected. This model includes multiple options and allows for flexibility and reduced fiscal exposure. Officials say it offers better long-term value for the country. The government plans to retain part ownership through an equity partnership. However, the exact stake to be sold was not disclosed.
JLL (Jones Lang LaSalle), a leading real estate services firm, will manage the transaction. The 42,000-square-foot property is expected to be redeveloped into a mixed-use space with both residential and office units.
Officials estimate that redevelopment will take four to five years. Interest from potential investors is said to be very high. In June, the government announced that it expects to receive $100 million as an initial payment from the joint venture by June 2026. This move marks a major step in Pakistan’s effort to unlock foreign investment and boost state revenue through strategic privatization.
