Pakistan, Aug. 9 -- Pakistan's government has initiated the process to hire a new financial adviser for the partial sale of its New York-based Roosevelt Hotel, Adviser to the Finance Minister Khurram Schehzad confirmed this week, clarifying that the transaction would be completed this year.

Pakistan plans to sell a minority stake in the century-old Manhattan hotel and is seeking a redevelopment partner as part of a broader effort to offload loss-making state-owned assets under a $7 billion agreement with the International Monetary Fund (IMF). The Roosevelt Hotel, viewed as one of Pakistan's most valuable foreign holdings, was closed in 2020 and has since operated intermittently, including as a migrant shelter.

Global real estate firm Jo...