Recent developments around Pakistan’s Roosevelt Hotel reflect a more deliberate approach to managing national assets abroad. Rather than rushing to sell, the government has chosen to explore long-term value through strategic partnership, and it’s doing so with one of the most high-profile properties in its overseas portfolio.
As reported by Reuters, Pakistan has approved a redevelopment plan for the Roosevelt Hotel in New York, targeting a valuation of over $1 billion. Located in midtown Manhattan, the century-old property is one of Pakistan’s most prominent foreign holdings, owned through Pakistan International Airlines' investment arm.
The government is not looking to sell it outright. Instead, it has opted for a joint venture model, retaining ownership while bringing on a private partner to unlock long-term value. Jones Lang LaSalle (JLL), one of the world’s leading real estate firms, has been appointed to manage the selection process. A redevelopment partner is expected to be finalised within six to nine months.
A Shift in Strategy
What stands out here is the structure. After years of stalled decisions, this approach reflects a clear pivot from emergency sell-offs to strategic co-investment. The Roosevelt Hotel is being repositioned.
That change in posture matters. It signals a willingness to preserve national assets while inviting global capital and expertise. It shows that Pakistan can act like a stakeholder in the world’s most competitive real estate markets.
The approach Pakistan is taking here reflects a model the World Bank often recommends for public-private partnerships, one where the government stays invested, while a private partner takes the lead on development under a clear, shared framework. According to the World Bank PPP Resource Centre, this approach allows governments to balance public interest, governance, and commercial performance, ensuring long-term asset value is preserved while leveraging private sector efficiency and capital.
A Landmark with Global Relevance
The Roosevelt sits just blocks from Grand Central Terminal, Times Square, and Fifth Avenue. Few overseas Pakistanis need to be reminded of the building’s legacy or its location. The site spans 42,000 square feet and has potential for high-value redevelopment into a residential-office hybrid.
The scale of ambition is matched by market timing. Interest from global developers is said to be strong, and the government is expecting an initial joint venture payment of $100 million by June 2026. The full project is expected to take four to five years.
Privatisation with a Purpose
The Roosevelt announcement is not an isolated signal. In the same week, Pakistan approved four qualified bidders for the partial privatisation of PIA, Was also reported by Reuters. Both developments fall under Pakistan’s broader $7 billion IMF-backed privatisation plan, designed to improve governance and drive structural reform.
What This Means for Investor Confidence
For overseas investors watching from abroad, this shift carries weight. It reinforces the perception that Pakistan is ready to manage high-value projects transparently, collaboratively, and with a long-term view. This is the kind of behaviour markets respond with renewed interest.
The Real Estate Mindset Matters
At One Homes, we’ve long advocated for an approach to development rooted in strategic patience and global standards. This latest development around the Roosevelt Hotel echoes that same mindset. Decisions like this reflect a deeper understanding of how to manage valuable assets. It’s about timing, structure, and the willingness to build value with clarity and intent.
We believe Pakistan’s most valuable assets, whether in Manhattan or Islamabad, deserve to be handled with care, conviction, and world-class execution. That’s how confidence grows. That’s how legacy is built.
