Business Desk 
Oct 07, 2025
The government of Pakistan is considering strategic options for the Roosevelt Hotel in New York City, which is owned by the Pakistan Investment Authority (PIA), as part of a major effort to fulfil its obligations to the International Monetary Fund (IMF) under a $7 billion loan agreement.
Due to financial losses brought on by the COVID-19 pandemic, the famous hotel next to Grand Central Terminal has been closed since 2020.
The government is reportedly considering a joint venture in which Pakistan would provide the land and the partner would provide the equity, according to people familiar with the situation.
Prime Minister's Privatisation Advisor Muhammad Ali stated, "We will have clarity on this in the next few months after finalising the JV partner and market sounding."
Known as the former US President Theodore Roosevelt, the Roosevelt Hotel has been closed since 2020, though in 2023 it temporarily housed migrants.
A lot of interest has been shown in the hotel's possible development, which could include anything from a skyscraper to a joint venture hotel renovation. PIA is a prime candidate for the sale of state-owned businesses, which the government is actively pursuing as part of its privatisation drive.
Estimating that about $500 million would be required to turn the airline around, Ali expressed hope that PIA's sale would be finalised by November. Notably, seven groups have submitted bids for the hotel deal, including Citigroup Inc., CBRE Group Inc., and Savills PLC.
Pakistan is currently selecting advisers for the deal. Later this month, the government wants to appoint a new adviser. Given its advantageous location and historical significance, investors are anticipated to show a great deal of interest in the Roosevelt Hotel's possible development.
It is anticipated that the market sounding and JV partner selection will be completed in the upcoming months. With a possible completion date of November, the possible sale of PIA is also on schedule.
Reportedly, later this month, a new adviser for the hotel deal will be appointed.
