Pakistan, July 11 -- 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 U.S. 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, s...