Pakistan says Roosevelt Hotel deal still being structured after PIA sale

People stand outside the Roosevelt Hotel, which has acted as a makeshift shelter for arriving migrants since May, in the Midtown section of New York City, US, on October 24, 2023. (REUTERS/File)
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Updated 24 December 2025
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Pakistan says Roosevelt Hotel deal still being structured after PIA sale

  • The century-old Manhattan hotel is among state-owned properties under review as Islamabad pushes a privatization drive
  • Pakistan said this year it was examining multiple options after international media reported the hotel’s possible demolition

ISLAMABAD: Pakistan’s defense minister Khawaja Asif said on Wednesday the government was working on structuring a transaction for the Roosevelt Hotel in New York, a day after a leading Pakistani consortium bought a majority stake in Pakistan International Airlines, as Islamabad presses ahead with efforts to offload loss-making state assets.

Asif’s comments came after the Arif Habib Group acquired 75 percent of PIA for Rs 135 billion ($482 million), marking the government’s first major privatization deal in years and reviving focus on the future of other high-value state-owned assets, including the Roosevelt Hotel, which is owned by PIA through its investment arm.

The hotel, a century-old Manhattan property located near Grand Central Terminal, Times Square and Fifth Avenue, is considered one of Pakistan’s most valuable overseas assets, though it was closed in 2020 due to heavy losses. Asked about the future of the property following the PIA privatization, Asif told Geo TV it was still a work in progress.

“The shape of the transaction is being made,” he said, adding that a previous offer of around $375 million had not materialized.

Pakistan’s privatization plans for the Roosevelt have faced repeated delays.

Earlier this year, Muhammad Ali, adviser to the prime minister on privatization, said the government was examining multiple options after Bloomberg reported plans for its demolition.

Ali said there were various options on the table, including continuing hotel operations or entering a joint venture in which Pakistan would contribute the land while a partner brings in equity.

The government also said it wanted to complete the Roosevelt Hotel’s privatization this year, though the plan does not seem close to completion.


Karachi-bound bus crashes in fog, killing five in eastern Pakistan

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Karachi-bound bus crashes in fog, killing five in eastern Pakistan

  • Motorway closure forced the bus onto an alternate route, unfamiliar to the driver
  • Pakistan weather office reports visibility as low as 30 meters in parts of Punjab

ISLAMABAD: At least five people were killed and around 28 injured early on Wednesday when a passenger bus traveling from Rawalpindi to Karachi plunged into a ravine near Dhok Pathan in eastern Pakistan, after the driver diverted from a closed motorway due to dense fog, police said.

Poor visibility during Pakistan’s winter months frequently makes long-distance travel hazardous, prompting authorities to shut motorways and major roads during severe fog to prevent accidents. However, traffic mishaps involving both light and heavy vehicles are not uncommon during such conditions, sometimes triggering multi-vehicle pile-ups.

“A passenger bus traveling from Rawalpindi to Karachi plunged into a ravine near Dhok Pathan, killing at least five people and injuring around 28 others,” Adeel Sarfraz, a senior police officer and station house officer in the area near Chakwal, told Arab News over the phone.

“The accident occurred at around 2 a.m.,” he added. “Since the motorway was closed due to dense fog, the driver diverted the bus onto the GT [Grand Trunk] Road. However, the driver was unfamiliar with the route, and poor visibility caused by the fog led to the accident.”

Winter fog is a recurring hazard across Pakistan’s plains, particularly in Punjab and upper Sindh, where conditions can deteriorate sharply during late night and early morning hours.

Data shared by the Pakistan Meteorological Department earlier in the day showed extremely low visibility across several districts, with levels dropping to 30 meters in Narowal and Sheikhupura, 40 meters in Gujranwala and 50 meters in Faisalabad, Sialkot Airport and Toba Tek Singh.

Levels of 100 meters were reported in cities including Okara, Rahim Yar Khan, Bahawalpur and Sargodha, while some southern Punjab districts recorded relatively better conditions at around 200 meters.

The weather office warned that moderate to dense fog is likely to persist over much of Punjab, upper Sindh and plain areas of Khyber Pakhtunkhwa, advising travelers — especially those driving on highways and motorways — to exercise caution during nighttime and early morning hours.

Road accidents are also common in Pakistan due to poor infrastructure, speeding and limited enforcement of safety regulations, with fog-related incidents adding to seasonal risks during winter.