Roosevelt Hotel sale nears as Pakistan finalises valuation

ISLAMABAD: Pakistan’s Privatization Commission has finalized the base valuation of the iconic Roosevelt Hotel in New York, with expectations to fetch at least $100 million from its sale during the 2025-26 fiscal year.

The final amount from the transaction will hinge on the structure approved by the Cabinet Committee on Privatization (CCoP), which is yet to greenlight a sell-off plan. Sources say the value could double if the government secures prior regulatory approvals that future buyers would need for redevelopment. A simple “as-is” sale, however, would yield the lowest return.

“We are targeting maximum value,” a senior official said. “The amount will depend on the transaction structure. If we go for a joint venture model, the property could be worth four to five times more than the base valuation.”

The chairman of the Privatization Commission told a foreign newspaper that a joint venture with a private investor, sharing both risks and rewards, could substantially enhance the hotel’s value. However, such a model would only bring in a modest upfront payment in FY26, with larger gains expected over time.

Pakistan aims to raise Rs86 billion ($306 million) in privatization proceeds in the next fiscal year, with the Roosevelt Hotel sale forming a key component alongside the privatization of Pakistan International Airlines (PIA) and three electricity distribution companies. Jones Lang LaSalle (JLL), one of the top U.S.-based real estate advisors, has completed the hote