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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. 

ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday invited Qatari mountaineer Sheikha Asma Al Thani, recently appointed as Pakistan’s brand ambassador for mountain and adventure tourism, to return to the country for future expeditions.

Al Thani, who became the first woman from Qatar and the Gulf to summit Nanga Parbat earlier this month, met the prime minister in Islamabad where he praised her courage and her contributions to global awareness of Pakistan’s natural beauty.

“The prime minister congratulated her for being the first woman from Qatar and the Gulf to successfully summit Nanga Parbat,” the PM Office said in a statement.

“He appreciated Sheikha Asma’s extraordinary courage and commitment in achieving this milestone and praised her efforts to promote awareness around empowering women, especially young women, through adventure sports.”

The prime minister noted that five of the world’s fourteen highest peaks are in Pakistan, calling it a “matter of pride” that positions the country as a key destination for climbers worldwide. He also thanked Al Thani for selecting Pakistan’s mountains and “drawing international attention to their challenges and natural beauty.”

“He extended best wishes to Sheikha Asma in her mission to summit all fourteen 8,000-meter peaks and invited her to return to Pakistan to further explore the country’s diverse and breathtaking landscapes.”

The prime minister acknowledged the vital contribution of Pakistani porters and guides in enabling international climbers to pursue their goals, and reaffirmed the government’s commitment to ensuring their safety, support and hospitality.

He also expressed interest in strengthening Pakistan-Qatar cooperation in areas such as sports, youth engagement and adventure tourism.

“The prime minister appreciated Sheikha Asma’s active role as Vice President of the Gender Equality Commission in creating equal opportunities,” the statement said.

During the meeting, Al Thani expressed gratitude for the hospitality she received during her climbs, and praised the local porters and guides who assisted her on Nanga Parbat and other summits.

She also highlighted the experience of climbing K2, which she had summited previously.

“It is the best of all the peaks I’ve climbed,” she was quoted as saying in the statement. “Its beauty is unmatched.”