Pakistan, March 9 -- The Roosevelt Hotel, a grand old dame of Midtown Manhattan, has seen it all. She's played host to power brokers, movie stars, and dreamers chasing the American promise. She's stood tall through the Roaring Twenties, the Great Depression, world wars, and the shifting tides of real estate fortunes. But now, in a twist soaked in irony and economic woes, the very hotel that once symbolized Pakistan's international prestige is left in the lurch. The story of its lease termination is more than a financial hiccup-it's a telling chapter in Pakistan's bumpy road to privatization, where grand plans often stumble over the fine print.

When Pakistan International Airlines (PIA) took over full ownership of the Roosevelt in 2000, i...