Pakistan is actively pursuing a joint venture arrangement for The Roosevelt Hotel in New York City, aiming to maximize long-term returns from the historic 19-storey property, Defence Minister Khawaja Asif told the National Assembly on Monday.
Speaking during the question hour, Asif argued that while selling the iconic Manhattan-based hotel could yield quick financial relief or help clear some liabilities, a joint development model would be more strategic. “A joint venture would preserve the asset and generate sustained value,” he stated.
He pointed to the hotel’s premium location — situated centrally with dual access points — as a rare real estate advantage in New York. “It’s a unique piece of real estate, unmatched in New York,” he added.
However, Asif confirmed that the federal government is also evaluating a full sale of the Roosevelt Hotel as a parallel option.
The 233rd meeting of the Privatisation Commission Board in April reviewed multiple proposals developed by the financial advisory consortium led by Jones Lang LaSalle Americas Inc. (JLL) regarding the property’s privatisation. The board finalised its recommendations for submission to the Cabinet Committee on Privatisation (CCOP), exploring two main paths: an outright sale of the hotel or a joint venture with a leading global developer.
According to an official statement issued after the meeting, the joint venture model could potentially deliver proceeds up to five times higher than a direct sale.
Meanwhile, the government last month invited expressions of interest (EOIs) from investors for the partial or full sale of Pakistan International Airlines (PIA), signaling renewed momentum in its privatisation programme.
The Privatisation Commission has proposed selling between 51% and 100% of the national carrier’s shares, including transfer of management control. Interested bidders have until June 3, 2025, to submit their EOIs.
The sale effort follows encouraging financial developments. PIA recently posted its first annual profit in over 20 years — a milestone reached ahead of the renewed privatisation push.
The government’s initial attempt to sell PIA in 2024 failed after receiving only one bid that fell far below the asking price of $300 million. Since then, Islamabad has cleared nearly 80% of the airline’s legacy debt by transferring it to government books.
Officials from the Privatisation Ministry confirmed that the remainder of the debt was removed from PIA’s accounts following last year’s failed deal, in an effort to make the airline more attractive to investors.
