Pakistan Blocks JPMorgan's Bid for NYC's Roosevelt Hotel

Pakistani government eyes high-rise redevelopment of iconic property

Published on Mar. 6, 2026

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JPMorgan Chase has reportedly encountered an obstacle in its plans to acquire the iconic Roosevelt Hotel in Manhattan, as the Pakistani government, the hotel's owner since the 1970s, has expressed intentions to redevelop the site while retaining an ownership stake. The proposed redevelopment project is anticipated to be a multibillion-dollar investment for Pakistan, attracting an investor to inject cash into a joint venture and raise new debt.

Why it matters

The Roosevelt Hotel's prime location adjacent to JPMorgan's new 60-story Park Avenue skyscraper has made it a key target for the bank's Manhattan real estate expansion strategy. However, Pakistan's plans to redevelop the site into a high-rise project could derail JPMorgan's acquisition plans and reshape the future of this iconic New York City property.

The details

JPMorgan has been interested in acquiring the Roosevelt Hotel for over a year, but the Pakistani government, which has owned the hotel since the 1970s, has now expressed plans to redevelop the site while retaining an ownership stake. The hotel was previously leased to state-owned Pakistan International Airlines (PIA) in 1979 and later purchased by the airline. The hotel declined over time and ultimately closed in 2020 due to pandemic-related losses. Despite JPMorgan's interest, the Pakistani government has not initiated discussions about selling the property and is now interested in constructing a high-rise on the site through a joint venture that would involve an investor injecting cash and raising new debt.

  • The Roosevelt Hotel closed in 2020 due to pandemic-related losses.
  • Pakistan's privatization commission chair said discussions on the joint venture would commence in March following the appointment of a new financial adviser.

The players

JPMorgan Chase & Co.

An American multinational investment bank and financial services company that has been interested in acquiring the Roosevelt Hotel in Manhattan as part of its broader plan to consolidate its presence in the city.

Pakistan

The owner of the Roosevelt Hotel since the 1970s, when it was leased to state-owned Pakistan International Airlines (PIA). The Pakistani government is now interested in redeveloping the site into a high-rise project through a joint venture with an investor.

Muhammad Ali

The chair of Pakistan's privatization commission, who stated that discussions on the joint venture would commence in March following the appointment of a new financial adviser.

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What they’re saying

“Discussions on the joint venture would commence in March following the appointment of a new financial adviser.”

— Muhammad Ali, Chair of Pakistan's privatization commission (Financial Times)

What’s next

The Pakistani government is expected to appoint a new financial adviser in March, after which discussions on the joint venture redevelopment of the Roosevelt Hotel site will commence.

The takeaway

This case highlights the complexities of international real estate deals, as the Pakistani government's plans to redevelop the iconic Roosevelt Hotel have now blocked JPMorgan's acquisition efforts, underscoring the need for banks to navigate shifting geopolitical and economic factors when pursuing strategic real estate investments.