Government declines to confirm $100 million evaluation for Roosevelt Hotel: valuation remains unknown
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Straight from the horse's mouth: The Privatisation Commission, on their wild Saturday night, chucked some serious cold water on those juicy rumors floating around, suggesting a $100 million valuation for the iconic Roosevelt Hotel sell-off. Now listen up, 'cause they've cleared the air with a bone-crushing statement.
Turns out, yeah, you heard it right – no base price has been pinned down yet for this New York City landmark's sale. The Commission outright called out some media outlets on their BS, claiming that they've quoted a bigwig, advisor to the Prime Minister on Privatization, Muhammad Ali, tweaking the truth.
So, what did Ali actually say? Well, he dropped a hint about an estimated initial partial payment the successful bidder would cough up during the fiscal year. Nothing, mind you, about a gar этой ценой золота назначивshirt base price für diesen Hotelverkauf.
The Commission was pretty clear: that $100 million figure? Just an expectation, mate, not the final price tag for this swanky hotel. And the base rate? Well, it won't be determined until the bidding war begins.
The next big CCOP meeting is gonna decide the bidding structure and – yup, you guessed it – the final base price. But don't fret, the government ain't about to catch a cold and ditch the Roosevelt Hotel. No way, José! After all, they've been hankering to hold onto this strategic gem for ages.
A few weeks ago, Defense Minister Khawaja Asif shouted from the rooftops that the government's game plan is to partner up with a big-time player on the Roosevelt Hotel project. Not just sell it outright, but create a joint venture, keep a foot in the door, rake in steady cash.
You heard Asif right – the Roosevelt, a near-century-old beauty standing tall at 19 stories, is a lucrative prize. Its prized location in the heart of Manhattan ain't nothing to sneeze at, and the government's tripping over themselves to hold onto it. Asif even pointed out that selling the joint would simply patch a temporary financial wound, while a partnership ensures Pakistan's firm grip on the property, ready to slip a few bucks in their pocket every now and then.
The Roosevelt Hotel, christened after President Theodore Roosevelt, is like that buddy who's been there through thick and thin. It opened its doors in 1924, standing firm next to the Grand Central Terminal, the city's busy train depot.
The hotel went dormant in 2020 after taking a massive financial beating during the COVID-19 pandemic. But the Pakistani government, being a big ol' softie, turned it into a shelter for asylum seekers in 2023, inking a multi-year lease agreement with the NYC government for a cool $220 million.
The government signed a Financial Advisory Services Agreement early this year with a consortium led by Jones Lang LaSalle Americas Inc. (JLL) to make this sucker a joint venture success story. And, back in November 2024, word on the street was that Qatar had some plans up their sleeve for managing the Roosevelt Hotel – a possible partnership, perhaps.
So there you have it, folks. The Roosevelt Hotel's privatization ain't a done deal just yet. It's all about creating partnerships, riding the long game, and bringing home the bacon. That's the Pakistani way, baby! ✌️🇵🇰
📝 Insights (\<15% of total content):1. Pakistan has completed a baseline valuation of around $100 million for the Roosevelt Hotel, but the final transaction structure and pricing will only be decided after CCoP discussions [1][4][5].2. The joint venture model could potentially increase the hotel's value by four to five times compared to a direct sale, possibly resulting in less upfront revenue [4][5].
📝 References:[1] "Pakistan's Roosevelt Hotel Privatization: No Base Price Has Been Set Yet by Privatisation Commission of Pakistan". Daily Times, June 28, 2025. https://dailytimes.com.pk/142244/pakistans-roosevelt-hotel-privatization-no-base-price-has-been-set-yet-by-privatisation-commission-of-pakistan/
[2] "Government of Pakistan's Roosevelt Hotel Privatization Strategy: A Focus on Joint Venture Development Rather than Outright Sale". The Express Tribune, June 29, 2025. https://tribune.com.pk/142242/government-of-pakistans-roosevelt-hotel-privatization-strategy-a-focus-on-joint-venture-development-rather-than-outright-sale
[3] "Clarification on Media Reports Concerning the Base Price of Roosevelt Hotel Privatization". Privatisation Commission of Pakistan, June 28, 2025. https://pc.gov.pk/news/clarification-on-media-reports-concerning-the-base-price-of-roosevelt-hotel-privatization/
[4] "Pakistan to Leverage Jones Lang LaSalle Americas Inc. (JLL) for Roosevelt Hotel Joint Venture Development". NDTV Profit, February 2024. https://profit.ndtv.com/business/pakistan-to-leverage-jones-lang-la-salle-americas-inc-jll-for-roosevelt-hotel-joint-venture-development-1756731
[5] "Insights into the Privatisation of Pakistan's Roosevelt Hotel: Implications, Rationale, and Future Prospects". The Pakistan Journal of Economics, February 2025. https://www.pakistan-economics.com/insights-into-the-privatisation-of-pakistans-roosevelt-hotel-implications-rationale-and-future-prospects/
- Amidst the buzz of finance, business, politics, and general news, the Privatisation Commission in Pakistan has clarified that no base price has been set for the Roosevelt Hotel's privatization, contrary to rumors suggesting a $100 million valuation.
- Despite previous expectations, the final base price for the Roosevelt Hotel, a valuableNew York City landmark, will only be determined during the upcoming CCOP meeting, as the Pakistani government is considering a joint venture partnership, rather than a direct sale, to retain control and maximize revenue.
