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)
Short Url
Updated 10 July 2025
Follow

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. 


Death toll in Pakistan shopping plaza fire rises to 67, officials say

Updated 22 January 2026
Follow

Death toll in Pakistan shopping plaza fire rises to 67, officials say

  • Rescue teams still searching for damaged Gul Plaza in Karachi where blaze erupted on Saturday, says police surgeon
  • Karachi has a long history of deadly fires, often linked to poor safety standards, weak regulatory enforcement

KARACHI: The death toll from a devastating fire at a shopping plaza in Pakistan’s southern port city of Karachi jumped to 67 on Thursday after police and a hospital official confirmed that the remains of dozens more people had been found.

Police surgeon Dr. Summaiya Syed said rescue teams were still searching the severely damaged Gul Plaza in the Karachi, where the blaze erupted on Saturday.

Most remains were discovered in fragments, making identification extremely difficult, but the deaths of 67 people have been confirmed, she said. Asad Raza, a senior police official in Karachi, also confirmed the death toll. Authorities previously had confirmed 34 deaths.

Family members of the missing have stayed near the destroyed plaza and hospital, even after providing their DNA for testing. Some have tried to enter the building forcibly, criticizing the rescue efforts as too slow.

“They are not conducting the search properly,” said Khair-un-Nisa, pointing toward the rescuers. She stood outside the building in tears, explaining that a relative who had left to go shopping has been missing since the blaze.

Another woman, Saadia Saeed, said her brother has been trapped inside the building since Saturday night, and she does not know what has happened to him.

“I am ready to go inside the plaza to look for him, but police are not allowing me,” she said.

There was no immediate comment from authorities about accusations they have been too slow.

Many relatives of the missing claim more lives could have been saved if the government had acted more swiftly. Authorities have deployed police around the plaza to prevent relatives from entering the unstable structure, while rescuers continue their careful search.

Investigators say the blaze erupted at a time when most shop owners were either closing for the day or had already left. Since then, the Sindh provincial government has said around 70 people were missing after the flames spread rapidly, fueled by goods such as cosmetics, clothing, and plastic items.

The cause of the fire remains under investigation, though police have indicated that a short circuit may have triggered the blaze.

Karachi has a long history of deadly fires, often linked to poor safety standards, weak regulatory enforcement, and illegal construction.

In November 2023, a shopping mall fire killed 10 people and injured 22. One of Pakistan’s deadliest industrial disasters occurred in 2012, when a garment factory fire killed at least 260 people.