Pakistan eyes $1 billion valuation in Roosevelt Hotel redevelopment plan

A migrant carrying a child speaks on the phone outside of The Roosevelt Hotel in midtown Manhattan in New York City, US, February 24, 2025. (Reuters/File)
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Updated 10 July 2025
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Pakistan eyes $1 billion valuation in Roosevelt Hotel redevelopment plan

  • Pakistan ready to part with minority stake in the prime Manhattan property, government official says
  • Pakistan has said it will adopt a joint venture model for the hotel’s sale to maximize long-term value

KARACHI: Pakistan is seeking a valuation of at least $1 billion for the Roosevelt Hotel it owns in New York and is ready to part with a minority stake in the prime Manhattan property as it scouts for a redevelopment partner, a senior government official said.

Named after former US President Theodore Roosevelt, the century-old property in midtown Manhattan is seen as one of Pakistan’s most valuable foreign assets, which it acquired in 2000. Faced with mounting losses, the over 1,000 room hotel was shut in 2020, and has also operated briefly as a migrant shelter.

As part of the government’s $7 billion IMF-backed privatization push, Pakistan’s government approved a “transaction structure for the Roosevelt Hotel” on Tuesday , saying it won’t do an outright sale but has decided to adopt a joint venture model to maximize long-term value. It gave no further details.

The senior Pakistani official said the government will retain ownership in the project through an equity partnership, but declined to disclose the size of the stake being offered to any potential JV partner.

The official declined to be named since the process is confidential. JLL, or Jones Lang LaSalle, will run the process and the government is eyeing a valuation of over $1 billion for the 42,000 square feet property it hopes could be redeveloped for residential-cum-office use, the official said.

“It is among the best pieces of land in NY real estate ... The process begins immediately and is expected to be completed in the next six-nine months,” said the official.

Pakistan’s Privatization Ministry and state-owned Pakistan International Airlines (PIA), which owns the hotel through its investment arm, did not respond to request for comments, and neither did JLL.

Pakistan this week also approved four parties to bid for a stake in debt-ridden PIA.

The hotel is located near marquee New York destinations such as Grand Central Terminal, Times Square, and Fifth Avenue, placing it in one of Manhattan’s most valuable commercial zones.

Pakistan’s government is estimating the redevelopment will take 4–5 years, the official said, adding the “interest level is extremely high.”

In June, the government said it expects $100 million in the initial payment from the joint-venture partnership by June 2026. 


Pakistan opposition to continue protest over ex-PM Khan’s health amid conflicting reports

Updated 16 February 2026
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Pakistan opposition to continue protest over ex-PM Khan’s health amid conflicting reports

  • Pakistan’s government insists that the ex-premier’s eye condition has improved
  • Khan’s personal doctor says briefed on his condition but cannot confirm veracity

ISLAMABAD: Pakistan’s opposition alliance on Monday vowed to continue their protest sit-in at parliament and demanded “clarity” over the health of jailed former prime minister Imran Khan, following conflicting medical reports about his eye condition.

The 73-year-old former cricket star-turned-politician has been held at the high-security Adiala prison in Rawalpindi since 2023. Concerns arose about his health last week when a court-appointed lawyer, Barrister Salman Safdar, was asked to visit Khan at the jail to assess his living conditions. Safdar reported that Khan had suffered “severe vision loss” in his right eye due to central retinal vein occlusion (CRVO), leaving him with just 15 percent sight in the affected eye.

On Sunday, a team of doctors from various hospitals visited the prison to examine Khan’s eye condition, according to the Adiala jail superintendent, who later submitted his report in the court. On Monday, a Supreme Court bench led by Chief Justice Yahya Afridi observed that based on reports from the prison authorities and the amicus curiae, Khan’s “living conditions in jail do not presently exhibit any perverse aspects.” It noted that Khan had “generally expressed satisfaction with the prevailing conditions of his confinement” and had not sought facilities beyond the existing level of care.

Having carefully perused both reports in detail, the bench observed that their general contents and the overall picture emerging therefrom are largely consistent. The opposition alliance, which continued to stage its sit-in for a fourth consecutive day on Monday, held a meeting at the parliament building on Monday evening to deliberate on the emerging situation and discuss their future course of action.

“The sit-in will continue till there is clarity on the matter of [Khan's] health,”  Sher Ali Arbab, a lawmaker from Khan's Pakistan Tehreek-e-Insaf (PTI) party who has been participating in the sit-in, told Arab News, adding that PTI Chairman Gohar Ali Khan and Opposition Leader in Senate Raja Nasir Abbas had briefed them about their meeting with doctors who had visited Khan on Sunday.

Speaking to reporters outside parliament, Gohar said the doctors had informed them that Khan’s condition had improved.

“They said, 'There has been a significant and satisfactory improvement.' With that satisfactory improvement, we also felt satisfied,” he said, noting that the macular thickness in Khan’s eye had reportedly dropped from 550 to 300 microns, a sign of subsiding swelling.

Gohar said the party did not want to politicize Khan’s health.

“We are not doctors, nor is this our field,” he said, noting that Khan’s personal physician in Lahore, Dr. Aasim Yusuf, and his eye specialist Dr. Khurram Mirza had also sought input from the Islamabad-based medical team.

“Our doctors also expressed satisfaction over the report.”

CONFLICTING ACCOUNTS

Despite Gohar’s cautious optimism, Khan’s personal physician, Dr. Yusuf, issued a video message on Monday, saying he could neither “confirm nor deny the veracity” of the government’s claims.

“Because I have not seen him myself and have not been able to participate in his care... I’m unable to confirm what we have been told,” Yusuf said.

He appealed to authorities to grant him or fellow physician, Dr. Faisal Sultan, immediate access to Khan, arguing that the ex-premier should be moved to Shifa International Hospital in Islamabad for specialist care.

Speaking to Arab News, PTI’s central information secretary Sheikh Waqas Akram said Khan’s sister and their cousin, Dr. Nausherwan Burki, will speak to media on Tuesday to express their views about the situation.

The government insists that Khan’s condition has improved.

“His eye [condition] has improved and is better than before,” State Minister Talal Chaudhry told the media in a brief interaction on Monday.

“The Supreme Court of Pakistan is involved, and doctors are involved. What medicine he receives, whether he needs to be hospitalized or sent home, these decisions are made by doctors. Neither lawyers nor any political party will decide this.”