Govt Aiming to Get $100 Million From Roosevelt Hotel Sale Next Fiscal Year

Pakistan’s Privatization Commission has finalized the base valuation of the Roosevelt Hotel in New York, targeting at least $100 million from its sale in the 2025–26 fiscal year. The final transaction value will depend on the structure approved by the Cabinet Committee on Privatization (CCoP), which has yet to give its clearance. A simple sale in its current state would yield the lowest return, while securing regulatory approvals for future redevelopment could double the property’s value. A joint venture with a private investor may raise the hotel’s worth to four to five times the base valuation but would bring limited upfront proceeds in FY26, with larger gains expected over time. The Roosevelt Hotel sale is a key part of the government’s Rs. 86 billion ($306 million) privatization target for the next fiscal year, alongside Pakistan International Airlines (PIA) and three electricity distribution companies. US-based real estate firm Jones Lang LaSalle (JLL) has completed the valuation and market analysis. The Privatization Commission is now awaiting CCoP approval to proceed. The hotel, closed since 2020 due to financial losses during the COVID-19 pandemic, was briefly leased to the City of New York in 2023 to house asylum seekers, generating over $220 million in projected rental income. The lease expired in 2024, and the property currently has no revenue stream.