Pakistan eyes $1 billion valuation in Roosevelt Hotel redevelopment plan, source says
Published: Thu 10 Jul 2025, 1:57 PM
Top Stories
Meet the Dubai couple giving up every weekend to rescue stranded drivers for free
Abu Dhabi: Zayed National Museum to open in December 2025; what visitors can expect
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 privatisation 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 Privatisation 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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
UAE Moments
2 hours ago
- UAE Moments
♍ Virgo: Daily Horoscope for July 12th, 2025
Dear Virgo, today's celestial dance invites you to embrace the beauty of order and detail. As you navigate your day, remember the spiritual advice: "In the tapestry of life, every thread has its purpose." Love Horoscope Today, Virgo, the celestial energies encourage you to open your heart and express your feelings more freely. While your natural tendency might be to analyze and critique, try to embrace the spontaneity of love. Whether you're in a relationship or single, let your guard down a bit and allow yourself to be vulnerable. Share a laugh, a story, or a dream with someone special. Remember, love isn't about perfection; it's about connection. So, let go of the need to control every detail and enjoy the beautiful chaos of human emotions. Career Horoscope At work, Virgo, your analytical skills are in high demand today. The Moon's opposition to Mercury suggests that communication may be a bit challenging, but your logical approach can help bridge any gaps. Take the time to listen actively and express your ideas clearly. Your attention to detail will be appreciated by colleagues and superiors alike. Remember, teamwork is key, so be open to collaboration and new ideas. Your ability to stay organized and focused will ensure that you navigate any challenges with grace and efficiency. Health Horoscope Your well-being today is closely tied to your ability to balance your meticulous nature with a bit of relaxation. The Moon's influence suggests that taking a break from your usual routine can do wonders for your mental health. Consider engaging in a creative activity that allows you to express yourself without judgment, like painting or dancing. Remember, Virgo, it's okay to let loose and have fun. Your mind and body will thank you for it, and you'll return to your tasks with renewed energy and clarity. Finance Horoscope Financially, Virgo, today is a day to focus on the details. The planetary alignments suggest that you might uncover a small but significant opportunity to improve your financial situation. Whether it's reviewing your budget, finding a better deal, or spotting an investment opportunity, your keen eye for detail will serve you well. Trust in your ability to make sound financial decisions, but also be open to advice from trusted sources. Remember, small changes can lead to significant improvements over time.
UAE Moments
2 hours ago
- UAE Moments
Mahmoud Khalil Files $20M Claim Against Trump Administration
Palestinian‑American activist and former Columbia University graduate student Mahmoud Khalil has filed a $20 million claim against the Trump administration, accusing the U.S. government of false imprisonment, malicious prosecution, and defamation. Who Is Mahmoud Khalil? Mahmoud Khalil, born in Syria to Palestinian refugee parents, holds legal U.S. permanent residency. A Columbia alumnus of the class of 2024, he emerged as a prominent voice in pro‑Palestinian campus protests during the Israel‑Gaza conflict. On March 8, 2025, Khalil was arrested without a warrant at his New York apartment by ICE agents, reportedly under State Department orders to revoke his green card due to his activism. He was transferred over 1,400 miles away to the LaSalle Detention Center in Louisiana, a location kept secret from his family and legal team. Khalil spent 104 days in custody, enduring harsh conditions, denial of ulcer medication, sleep under harsh lights, and inadequate food, resulting in substantial weight loss and emotional distress. The filed claim targets the Department of Homeland Security (DHS), Immigration and Customs Enforcement (ICE), and the State Department, citing: False arrest and imprisonment Malicious prosecution and abuse of process The complaint emphasizes U.S. officials publicly branded him a 'terrorist sympathizer' and antisemite without evidence, aimed at delegitimizing his pro‑Palestinian advocacy. Khalil stated, 'They are abusing their power because they think they are untouchable…Unless they feel there is some sort of accountability, it will continue to go unchecked." He plans to use any settlement to support other activists targeted under similar policies. Alternatively, he would accept an official apology and policy changes preventing suppression of pro‑Palestinian speech, rather than monetary compensation. A spokesperson for DHS dismissed the claim as 'absurd,' accusing him of hateful rhetoric toward Jewish students. US Secretary of State Marco Rubio justified plans to deport Khalil, invoking a provision in the Immigration and Nationality Act of 1952. Khalil's detention was later ruled likely unconstitutional by a federal judge, who ordered his release on June 20, 2025. The deportation proceedings remain ongoing in immigration court. His case underscores growing scrutiny over the Trump administration's use of rarely invoked immigration provisions—such as Section 237(a)(4)(C)(i) of the INA—to deport legal residents considered politically dissenting.
Gulf Today
9 hours ago
- Gulf Today
Oh please, the right is reviving a tired trope about women
Robin Abcarian, Tribune News Service Here we go again. A bunch of successful, conservative professional women are telling young women they don't need careers to have fulfilling lives. All they need to do is avoid college (or better yet, just use it to find a husband), get married, have babies, stay home and live happily ever after. Perhaps you've noticed the proliferation of "tradwife" (i.e. traditional wife) influencers on various forms of social media, or the coverage of conferences like the woefully misnamed Young Women's Leadership Summit that recently took place in Dallas. A project of Charlie Kirk's conservative student organisation, Turning Point USA, the summit promised to focus on "foundational aspects of womanhood" such as "faith, femininity and well-being." The conference drew 3,000 women who, according to reports, were mostly college students or young professionals. They sported pins that read "My favourite season is the fall of feminism" and "Dump your socialist boyfriend," and they were told by Kirk, "We should bring back the celebration of the Mrs. degree." "The left wants women to feel angry and like victims, and like your rights are being taken away," a 31-year-old influencer named Arynne Wexler told a reporter for New York magazine. Not to put too fine a point on it, but in fact her rights are being taken away. Perhaps she has forgotten that the Supreme Court overturned the right to abortion in 2022? Anyway, there is absolutely nothing new here. A certain subset ofwomen — straight, white, conservative, religious — has always fought against gender equality for their own reasons, but mostly I'd say because it threatens their own privileged status and proximity to male power. Nearly half a century before Wexler bemoaned "the left," Phyllis Schlafly, lawyer, author and anti-feminist crusader, said basically the same thing: "The feminist movement taught women to see themselves as victims of an oppressive patriarchy. Self-imposed victimhood is not a recipe for happiness." Hmmm. I'm pretty sure it was the oppressive patriarchy that prevented women from owning property, having their own credit cards and bank accounts, from earning equal pay, accessing legal birth control and abortion, serving on juries and holding public office. Until second wave feminism came along in the 1960s and 1970s, I'm pretty sure, too, that oppressive patriarchy allowed employers to fire women once they married or got pregnant, and that domestic violence, marital rape and sexual harassment were not treated as crimes. Oh, and it was feminists who pushed for Title IX of the Civil Rights Act, which addressed gender inequality in education, including, crucially, in sports. Attacking feminism because you've never experienced a time when women were not, for the most part, legally equal to men springs from the same ignorant well as believing measles vaccines are unnecessary because you've never experienced the (largely vaccine-eliminated) disease for yourself. Indeed, reciting the accomplishments of feminism reminds me of that classic scene in the 1979 black comedy "Monty Python's Life of Brian." You may recall it: What have the Romans ever given us? (Just sanitation, medicine, education, wine, public order, irrigation, roads, a fresh water system and public health.) A consistent thread in the argument against gender equality is that feminism makes women feel bad for staying home with their kids and not pursuing careers. In Dallas last month, young conference-goers told the New York Times "that it was feminism and career ambition making them unhappy, not the broader stress of puzzle-piecing together the responsibilities of modern life." In 1994, former First Lady Barbara Bush said she had experienced a period of depression and partly attributed it to "the women's movement," which, as she told NPR, "sort of made women who stayed home feel inadequate." I get that. But in response, I would paraphrase Eleanor Roosevelt: No one can make you feel inadequate without your consent. If you are lucky enough to be able to stay home with your children and do not feel compelled to carve out a career, more power to you. Alex Clark, a popular podcaster and influencer who headlined the Young Women's Leadership Conference, offered the crowd her Make America Healthy Again formula: "Less Prozac and more protein. Less burnout, more babies, less feminism, more femininity." But having lots of babies is stressful — having one baby is stressful — and can certainly lead to its own kind of burnout. One of the most popular tradwives in the country, Hannah Neeleman, is a Mormon mother of eight young children. She is married to a rancher who is the son of the founder of Jet Blue, has more than 9 million social media followers and, as a former professional ballerina, posts under the handle Ballerina Farm. Last summer, in a profile published by the Times of London, she was dubbed the "queen of tradwives." We learned that she does all the food shopping, makes all the meals and has no help with childcare. I would submit that she is a career woman as well, since she runs popular social media accounts that generate millions of dollars a year in income. In a stunning admission, her husband told the London Times reporter that his wife "sometimes gets so ill from exhaustion that she can't get out of bed for a week."
