Pakistan is set to redevelop New York’s iconic Roosevelt Hotel through a $3–4 billion project, aiming to significantly increase the value of its stake.
The government plans to use a joint venture model, contributing the land while private partners provide equity and debt financing. This approach is expected to raise the value of Pakistan’s investment by up to 250%.
Currently a 16-storey property in midtown Manhattan, the Roosevelt Hotel will be transformed into a 50–60 storey building. The redevelopment will focus on maximizing commercial potential while ensuring that the government retains partial ownership of the property.
Officials have emphasized that the project is intended to combine public assets with private sector expertise to deliver a modern, high-value development in one of New York City’s prime locations.
The plan reflects Pakistan’s growing interest in leveraging overseas assets for long-term financial and strategic gains. By upgrading the property, the government hopes to attract international investors and increase revenue from a landmark asset.
Meanwhile, Pakistan’s Hotel Scribe in Paris will not be privatised at this time. Authorities clarified that no immediate plans exist to sell the European property, ensuring that strategic overseas holdings continue to remain under government control.
The Roosevelt Hotel redevelopment represents a bold step toward modernizing Pakistan’s foreign investments and unlocking the full commercial potential of key assets abroad, while maintaining a balance between public ownership and private investment.