ISLAMABAD; Pakistan is weighing multiple options for the future of the Roosevelt Hotel in New York City, including demolishing the century-old building, as part of its strategy to fulfil commitments under its 7 billion dollar IMF loan programme, Bloomberg reported on Saturday.
The historic property, named after former US president Theodore Roosevelt, is located in midtown Manhattan and is regarded as one of Pakistan’s most valuable overseas assets. It was purchased in 2000 but has faced increasing financial losses. The 1,000-room hotel was shut down in 2020 and later served briefly as a shelter for migrants.
In July, the government approved a transaction structure for the Roosevelt Hotel. Rather than selling it outright, authorities opted for a joint venture model to maximise long-term value. Muhammad Ali, the prime minister’s adviser on privatisation, said one option under consideration is to demolish the hotel and build a skyscraper in its place. Alternatively, Pakistan may keep the hotel if it proves economically viable. A clearer decision is expected in the coming months once a joint venture partner is finalised.
The government is also moving forward with plans to restructure and privatise state-owned enterprises, including Pakistan International Airlines (PIA), which has long relied on government bailouts. According to Bloomberg, PIA could be the first asset sold, possibly by November 2025. Ali said several of the country’s top business groups are interested, estimating that 500 million dollars will be needed to revive the airline.
Pakistan is currently selecting advisers for the Roosevelt project, with bids from seven international firms, including Citigroup, CBRE Group, and Savills. A final adviser will be chosen later this month.
