Pakistan is assessing multiple options for the Roosevelt Hotel in New York City, including the potential demolition of the iconic property, as part of its efforts to meet obligations under the $7 billion International Monetary Fund (IMF) loan programme, Bloomberg has reported.
One of Pakistan’s most valuable foreign assets is the century-old hotel named for former US President Theodore Roosevelt, which is situated in midtown Manhattan.
The hotel, which was purchased in 2000 and contains over 1,000 rooms, was shut down in 2020 as a result of significant financial losses. It has since been temporarily used as a migrant shelter.
The government approved a “transaction structure for the Roosevelt Hotel” in July, opting to pursue a joint venture model in order to maximize the asset’s long-term value rather than selling it outright.
One of the options being considered is tearing down the hotel to build a skyscraper, Muhammad Ali, the prime minister’s adviser on privatization, told Bloomberg.
“The government is keen on a joint venture where Pakistan will contribute the land and the partner will bring in the equity,” Ali said.
“The other option is to retain the hotel if it makes economic sense. We will have clarity in the next few months after finalising the JV partner and conducting market sounding.”
In accordance with IMF regulations, the federal government is also proceeding with the restructuring or privatization of state-owned businesses.
According to Bloomberg, some of the biggest business organizations in the nation are interested in purchasing Pakistan International Airlines (PIA), which may be the first company to be privatized.
The airline reported a pre-tax profit in the first half of 2025, its first in almost 20 years, and Ali projected that an investment of roughly $500 million would be needed to turn it around.
Pakistan is now in the process of appointing advisors to oversee the Roosevelt Hotel sale. Seven groups, including Citigroup Inc., CBRE Group Inc., and Savills PLC, have submitted bids; a final decision is expected later this month.
The hotel has been referred to as “the new Ellis Island” due to its historical significance as a migrant intake point, according to Bloomberg.