Syed Saif Ul Hassan 
Sep 18, 2025
Like the Pakistan International Airlines (PIA), the privatisation of the Roosevelt Hotel in New York seems to have begun reaping the fruits of the government's long-running efforts.
The development surfaced after the PIA-owned property attracted bids from several major firms, including Citigroup and CBRE, willing to act as financial advisers for the sale.
The financial advisory bidding comes on the heels of Jones Lang LaSalle (JLL) resigning, purportedly, due to a conflict of interest as some of its clients expressed interest in the asset.
With the Roosevelt Hotel's privatisation inching closer, the government of Pakistan is said to be keen on selling its minority stake in the hotel and establish a joint venture with private developers or investors to renovate and re-operationalise the historic site.
The noteworthy part of the development is that Pakistan is seeking at least $1 billion in valuation for selling the minority stake in the hotel, depending on the property’s condition and the New York real estate market.
The biddings in question came in response to JLL’s exit, when the Privatisation Commission hurriedly invited expressions of interest, attracting bids from top real estate advisory firms like Savills, Cushman & Wakefield, Grey Steel, and Ankura.
Located near Manhattan’s Grand Central Station, the Roosevelt Hotel has been a prominent international holding for Pakistan, which brought revenue into Pakistan's national exchequer for decades but has met with operational challenges since its closure in 2020. After its operations came to a standstill, it has been used as temporary accommodation for migrants.
If the Roosevelt Hotel's partial sell-off comes to fruition, this could significantly improve Pakistan's economic and diplomatic position.
