Pakistan Plans $1 Billion Valuation for Roosevelt Hotel Redevelopment
The Pakistani government aims to achieve a valuation of over $1 billion for the iconic Roosevelt Hotel in New York. Seeking a redevelopment partner, it will retain ownership through an equity partnership. The process is expected to be completed in 6-9 months.
Pakistan aims for a valuation of over $1 billion for the Roosevelt Hotel in New York and is looking for a redevelopment partner. The government plans to retain ownership through an equity partnership and is adopting a joint venture model to maximize long-term value.
The century-old hotel, acquired by Pakistan in 2000, was closed in 2020 due to losses and briefly operated as a migrant shelter. The government approved a transaction structure for the hotel as part of a $7 billion IMF-backed privatization initiative.
JLL will oversee the partner selection process, with the government eyeing a valuation of over $1 billion for the property. The redevelopment is expected to focus on residential-cum-office use and could take 4–5 years to complete.
The process is set to be finalized in the next six to nine months, with an initial payment of $100 million expected from the joint-venture partnership by June 2026. Interest in the project is said to be very high.
According to the source: Geo.tv.
What's Your Reaction?
Like
0
Dislike
0
Love
0
Funny
0
Angry
0
Sad
0
Wow
0
