The government of Pakistan has decided not to sell the historic Roosevelt Hotel after receiving interest from JPMorgan Chase. Instead, officials plan to redevelop the property in the future while keeping a stake in it.
Located in the heart of New York City, the Roosevelt Hotel is one of Pakistan’s most valuable overseas assets. The building is owned by Pakistan through Pakistan International Airlines (PIA), the country’s national airline.
JPMorgan had reportedly shown interest in buying the hotel property as part of its plans to expand its real estate presence in Manhattan. However, Pakistan’s cabinet decided not to approve the sale after reviewing the proposal.
Officials believe the land where the hotel stands is extremely valuable because of its prime location in Midtown Manhattan. Instead of selling it now, the government thinks the property could bring greater returns if it is redeveloped into a modern building or a large commercial project in the future.
The Roosevelt Hotel has been closed since 2020 and requires major repairs or redevelopment. Over the past few years, Pakistan has been exploring different ways to use the property more effectively as the country looks for ways to strengthen its finances.
According to reports, Pakistan may look for international partners to help redevelop the site. Under such a plan, foreign investors could fund the project while Pakistan keeps partial ownership of the property.
The government believes this approach could help generate more income in the long term compared with selling the hotel outright.
The Roosevelt Hotel has a long history and has been considered a landmark building in New York. Because of its location and size, experts say the site could be developed into a large residential, commercial or mixed-use project.
Pakistan is now expected to appoint financial advisers and begin discussions with potential investors to plan the future of the property.
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