The Privatisation Commission has finalised a base valuation of $100 million for the iconic and PIA-owned Roosevelt Hotel in New York, with plans to sell the property during the 2025–26 fiscal year.
According to a news report, the final proceeds from the transaction will depend on the structure approved by the Cabinet Committee on Privatisation (CCoP).
US-based firm Jones Lang LaSalle has already completed the valuation and market assessment. However, sources said that the hotel’s value could significantly increase if prior regulatory approvals are secured for redevelopment, while a direct sale “as-is” would likely yield the lowest returns. A joint venture model, if chosen, could raise the value to four or five times the current base estimate, though it may result in limited upfront revenue in the first year.
The Privatisation Commission chairman said a private-sector partnership could share risk and reward, potentially boosting the hotel’s long-term value.
The Roosevelt Hotel, closed in 2020 due to COVID-related losses, was temporarily leased to the City of New York in 2023 to house asylum seekers, generating around $220 million in projected rental income. That lease expired in 2024.
The sale is part of Pakistan’s broader privatisation plan to raise Rs86 billion in FY26, alongside transactions involving Pakistan International Airlines (PIA) and three power distribution companies.
