On June 28, 2025, Pakistan’s Privatisation Commission dismissed media reports claiming a $100 million price for the sale of the Roosevelt Hotel in New York, labelling them misleading. The Commission clarified that no base price has been set, with valuation to be finalised during bidding. Consequently, this statement addresses speculation and outlines the ongoing process to privatise the historic property.
The Commission refuted comments attributed to Muhammad Ali, Advisor to the Prime Minister on Privatisation, noting that he had been misquoted. Ali referenced an initial partial payment, not a fixed sale price. The Cabinet Committee on Privatisation (CCoP) will determine the final terms, with an agreement expected to be reached within the fiscal year. This clarification counters inaccurate media narratives, ensuring transparency in the process.
In March 2025, the government directed the Commission to pursue competitive bidding for the Roosevelt Hotel, leaving open options for an outright sale, joint venture, or 99-year lease, per The Express Tribune. The financial advisor favoured a joint venture for maximum returns, citing lower proceeds from a full sale and moderate gains from a lease. However, the Commission’s board proposed exploring a government-to-government (G2G) deal, though no foreign offers have emerged, reflecting limited international interest.
New York City’s early lease termination, effective July 2025, could cost Pakistan $80 million in lost revenue, per ARY News. The hotel, leased at $210 per room, faces financial strain amid Pakistan’s economic challenges. The advisor noted that a full sale’s proceeds could take three years due to permit requirements, while a lease offers long-term payouts with retained ownership.
