The Privatisation Commission of Pakistan on Saturday clarified that no base price has yet been determined for the proposed sale of the iconic Roosevelt Hotel in New York, refuting recent media reports claiming a $100 million valuation.
“The Privatisation Commission has noticed a misleading news report appearing on 27th June 2025 in certain news media outlets asserting that Pakistan has set $100 million as base price for the sale of Roosevelt Hotel.
“It is clarified that no base price has yet been determined for Roosevelt Hotel, New York’s privatisation, which can only be set at the time of bidding,” read the statement.
The commission highlighted that the report misquotes Adviser to the Prime Minister on Privatisation, Muhammad Ali, who had referred to an estimated initial partial payment to be made by the successful party on signing the agreement, expected during the current fiscal year.
“The base price and timing for realisation of total proceeds from the privatisation of Roosevelt Hotel will be based on transaction structure and final terms of the agreement approved by the government,” it said, with the finalisation of the transaction structure expected to be taken up in the next CCOP meeting.
Last month, Defence Minister Khawaja Asif told the National Assembly that the government is exploring a joint venture to operate the Roosevelt Hotel, aiming for long-term economic benefits rather than selling the asset outright.
Describing the nearly century-old 19-story hotel as “a strategic gem,” Asif praised its prime Manhattan location and stressed the government’s intent to retain ownership.
“Selling might patch a short-term fiscal wound,” he said, “but a joint venture ensures Pakistan keeps a foot on that lucrative property while raking in steady profits.”
The Roosevelt Hotel has long been viewed as Pakistan’s prized overseas asset, with repeated calls over the years to sell it for quick cash.
The landmark hotel closed in 2020 after sustaining massive financial losses associated with the COVID-19 pandemic.
It became operational in 2023 as a shelter for asylum seekers after the Pakistani government inked a three-year $220 million lease agreement with the New York City government to operate the Roosevelt Hotel.
In February 2024, the government signed a Financial Advisory Services Agreement (FASA) with a consortium led by Jones Lang La Salle Americas Inc (JLL) for the joint venture development of the Roosevelt Hotel.
In November 2024, it was learnt that Qatar had explored partnering with Pakistan in managing the Roosevelt Hotel. The hotel, which opened in 1924, was named after President Theodore Roosevelt. It is located next to the Grand Central Terminal, the city’s central train terminal.