The Privatisation Commission has set a base valuation of $100 million for Pakistan International Airlines-owned Roosevelt Hotel in New York.
According to media reports, Pakistan plans to sell the iconic hotel during the coming fiscal year.
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 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 Roosevelt Hotel was closed down in 2020 due to COVID-related losses. It was 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 PIA and three power distribution companies.
