ISLAMABAD: The Government of Pakistan is considering a joint venture model to operate the Roosevelt Hotel in New York, aiming to generate long-term economic returns while retaining full ownership of the property.
Speaking during the National Assembly’s Question Hour, Minister for Defense Khawaja Muhammad Asif stated that the Roosevelt Hotel is a highly valuable asset located in the heart of New York City. “It is a 19-storey building with access from two sides and occupies a prime, strategic location — unmatched in the city,” he said.
While there has been ongoing speculation about the possible sale of the hotel, Khawaja Asif clarified that the government is not in favor of an outright sale. “Selling the Roosevelt Hotel might offer short-term financial relief or help in debt repayment,” he acknowledged, “but a joint venture will secure sustainable returns without surrendering Pakistan’s ownership.”
The minister stressed that the government is committed to making prudent and future-focused decisions regarding national assets abroad. Discussions are reportedly underway with various stakeholders to find suitable partners who can revitalize and run the hotel efficiently, ensuring profitability and transparency.
The Roosevelt Hotel, owned by Pakistan International Airlines (PIA) through its investment arm, has been closed since 2020 amid pandemic-related challenges. However, its location and historical value continue to make it a valuable piece of real estate.
“A joint venture is the best approach to unlock the economic potential of this property,” Asif added. “This way, Pakistan continues to benefit from the asset while maintaining control over its future.”
With growing interest in foreign investment and redevelopment opportunities, the Roosevelt Hotel stands as a key part of Pakistan’s strategy to boost non-traditional revenue streams through smarter asset management.
By maintaining ownership while benefiting from a joint venture, Pakistan aims to transform a valuable, underutilized asset into a consistent revenue source for years to come.
