ISLAMABAD: Pakistan Prime Minister’s aide on privatization Muhammad Ali on Monday said the demolition of the Pakistan International Airlines-owned Roosevelt Hotel in New York to build a skyscraper is “not yet confirmed,” adding they are also looking at other options relating to the establishment.
The Roosevelt Hotel, a century-old Manhattan property owned by the Pakistan International Airlines (PIA) through its investment arm, is considered one of Pakistan’s most valuable foreign assets. Islamabad is pursuing a joint venture model rather than an outright sale, seeking a redevelopment partner to maximize its long-term value as part of a broader privatization drive.
The South Asian country says it expects the privatization of the Roosevelt Hotel to be completed this year. The 1,015-room hotel, located near Grand Central Terminal, Times Square and Fifth Avenue, was closed in 2020 due to heavy losses but has since been used intermittently, including as a temporary migrant shelter.
Islamabad is considering the option of razing the storied landmark and build a skyscraper in its place, and the government is keen on a joint venture in which Pakistan will contribute the land and the partner will bring in the equity, Bloomberg reported last week. The other option is to retain the hotel if it made sense economically.
