Pakistan, July 10 -- ISLAMABAD - Pakistan's government is seeking a $1 billion valuation for the Roosevelt Hotel in New York City, aiming to offer a minority stake in a joint redevelopment venture while retaining overall ownership. This forms part of a broader $7 billion IMF-backed privatization drive.

The Roosevelt Hotel, owned by Pakistan International Airlines (PIA) through its investment arm, ceased full operations in 2020 amid mounting losses. Since then, parts of the property have been used sporadically, including as a temporary migrant shelter. The new plan marks a shift-Pakistani officials now seek strategic partners to convert the site into a mixed-use development including offices and residences.

Situated on 42,000 square feet...