(Bloomberg) – Pakistan is considering options for the Roosevelt Hotel in Midtown Manhattan as part of the efforts of the South Asian country to fulfill its obligations to the International Monetary Fund. One of the options is to make the landmark disappear and build a skyscraper in place, says Muhammad Ali, adviser to the prime minister for privatization. The government is in the mood for a joint venture where Pakistan will contribute the country and the partner will bring in fairness, he told Bloomberg in Islamabad. The other option is to keep the hotel if it makes economically meaningful, he said. Once a historic hotel is owned by Pakistan International Airlines, or Pia, it closed during the pandemic, migrants briefly housed and has since been closed. “We will make clear about this over the next few months after finalizing the JV partner and the market sound,” Ali said. Prime Minister Shehbaz Sharif’s government makes his most ambitious effort in years to restructure or sell businesses in state -owned businesses, as committed to the IMF in terms of a $ 7 billion loan agreement. The first asset sold may be PIA, which survived on periodic bails that the government can no longer afford. The advisor is hopeful that the national carrier will be sold by November. He said the groups interested in buying PIA are one of the largest business groups in the country and have the ability to manage it. Ali estimated that an investment of about half a billion dollars would be needed to reverse the airline. Pakistan is appointing advisors for the hotel transaction, called some as ‘the new Ellis Island’ for his historical role as a migrant intake. The government will finalize a new adviser later this month after the bid of seven groups, including Citigroup Inc., Cbre Group Inc. and Savills plc. More stories like these are available on Bloomberg.com © 2025 Bloomberg LP
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