ISLAMABAD – A key international asset, Roosevelt Hotel stands out in PIA’s overseas holdings, and Pakistan is set to transform legendary Roosevelt Hotel in heart of Manhattan, choosing high-stakes redevelopment.
Officials reveal mega project that could attract between $3-$4 billion in total investment, signaling a massive surge in the property’s value. The plan calls for demolishing current 16-storey hotel and constructing towering 50–60 storey high-rise, dramatically reshaping midtown Manhattan’s skyline.
Islamabad will contribute the land, while a private partner is expected to invest roughly $1 billion in equity. Another $2–3 billion will likely be arranged through loans, with the government’s ownership projected to drop to 40–50 percent—but officials believe the value of their stake could soar by up to 250 percent.
As per available information, investors are already circling, including financial giants and tech companies eager to secure office space in the prime location. Despite this intense demand, authorities have ruled out an outright sale, aiming to maximise long-term returns.
Acquired in 2000, Roosevelt Hotel has long been one of Pakistan’s most valuable overseas assets. It shut its doors in 2020 after financial losses and was briefly repurposed to house migrants. Meanwhile, officials confirmed that Paris’ Hotel Scribe will remain untouched, with no immediate plans for sale or redevelopment.
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