Pakistan seeks $4-5 billion investment to redevelop Roosevelt Hotel

Pakistan is seeking to secure between $4 billion and $5 billion in joint investment to redevelop the The Roosevelt Hotel in New York, as the government moves to appoint a financial adviser by early next month to structure the transaction, a senior official said Wednesday.

Muhammad Ali, the prime minister’s adviser on privatization, said the selected adviser would design a redevelopment framework for the Manhattan property, one of Pakistan’s most valuable overseas assets.

The government intends to retain ownership of the hotel while bringing in an investor to arrange financing for reconstruction, Ali told reporters on the sidelines of the Pakistan Governance Forum in Islamabad.

“The objective is to generate long-term benefits for the country rather than sell the high-value asset outright,” Ali said, adding that the adviser would determine the optimal transaction structure. He did not provide a timeline for reaching financial close.

Responding to a question about the possibility of signing a memorandum of understanding with the administration of U.S. President Donald Trump, Ali said any such discussions would depend on the structure proposed by the financial adviser.

The hotel is owned by Pakistan International Airlines through its subsidiary, Pakistan International Airlines Investment Ltd. The property has been at the center of repeated efforts by Islamabad to monetize or redevelop it as the country grapples with fiscal constraints and seeks to unlock value from state-owned assets.

The century-old hotel in Manhattan, located near Grand Central Terminal and Times Square, is among Pakistan’s most valuable properties abroad. It has been closed since 2020 due to mounting losses.

Successive governments have reviewed options to sell, lease or redevelop the property while pursuing state-owned enterprise reforms linked to bailout programs with the International Monetary Fund.