Last Updated on July 31, 2026 by Daniel Globe
The Roosevelt Hotel at 45 East 45th Street is one of Midtown Manhattan’s best-known historic hotels. Its ownership is often misunderstood because the property has been tied to Pakistan International Airlines, used by New York City, and discussed in several redevelopment plans. Those arrangements did not all change who owns the building.
Quick Answer
The Roosevelt Hotel is owned by PIA Investments Ltd, a wholly owned subsidiary of Pakistan International Airlines Holding Company Limited. That holding company is owned and managed by the Government of Pakistan. No completed 2021 sale or transfer to a new investor group has been announced.
Key Takeaways
- The legal owner is PIA Investments Ltd, under Pakistan International Airlines Holding Company Limited and ultimately the Government of Pakistan.
- The hotel opened on September 22, 1924, and current owner documents describe it as a 19-story, 1,025-room property.
- PIA first leased the Roosevelt in 1979 and acquired the property in 2000.
- Regular hotel operations ended in 2020. New York City later used the building as an asylum-seeker arrival center from 2023 until June 24, 2025.
- Pakistan is pursuing a joint-venture redevelopment, but no final redevelopment partner, sale, or transfer of ownership had been completed as of July 2026.
Roosevelt Hotel Ownership at a Glance
Ownership Snapshot
| Property | The Roosevelt Hotel, 45 East 45th Street, Manhattan |
| Legal Owner | PIA Investments Ltd |
| Parent Company | Pakistan International Airlines Holding Company Limited |
| Ultimate Control | Government of Pakistan |
| Current Public Status | Not operating as a regular hotel; the city-run arrival center closed June 24, 2025 |
| Redevelopment Direction | Proposed joint-venture mixed-use redevelopment; no completed transaction announced |
Who Owns the Roosevelt Hotel in New York City?
The most precise answer is that PIA Investments Ltd owns the Roosevelt Hotel. A January 2026 request for proposals from Pakistan’s Privatisation Commission states that PIA Investments Ltd is a wholly owned subsidiary of Pakistan International Airlines Holding Company Limited, which is owned and managed by the Government of Pakistan. The same document identifies PIA Investments Ltd as the property owner.
This structure is more accurate than simply saying “Pakistan International Airlines owns the hotel.” The airline connection is real, but the asset sits within a separate holding-company structure. The official Roosevelt Hotel financial-adviser request for proposals provides the clearest current description of that structure.
Note: A tenant, hotel operator, financial adviser, redevelopment partner, or government agency can be involved with a property without becoming its legal owner.
Roosevelt Hotel Ownership Timeline
The Roosevelt’s ownership history includes hotel companies, private real estate owners, and PIA’s investment arm. The important milestones are:
- 1924: The hotel opened on September 22 and was named for President Theodore Roosevelt. It was built to serve travelers using nearby Grand Central Terminal.
- 1943: Hilton began operating the hotel and later became its owner.
- 1956: Hilton sold the Roosevelt to the Hotel Corporation of America.
- 1978: Developer Paul Milstein acquired the property after a short Loews ownership period.
- 1979: PIA Investments Ltd entered a long-term lease that included an option to buy the hotel.
- 2000: PIA’s investment arm completed the acquisition. A Voice of America history of the Roosevelt reports that PIA finalized its purchase in 2000.
- Current structure: PIA Investments Ltd owns the hotel under Pakistan International Airlines Holding Company Limited, with the Government of Pakistan as the ultimate state owner.
The hotel was not developed by Conrad Hilton. Hilton entered the story years after the 1924 opening, when the company took over operations in the 1940s.
Did a New Ownership Group Buy the Hotel in 2021?
No reliable public record supports the claim that a new investor consortium bought the Roosevelt Hotel in 2021. The property remained tied to PIA and the Government of Pakistan, and later government documents continued to identify PIA Investments Ltd as the owner.
Reports about advisers, prospective investors, joint ventures, leases, and redevelopment proposals may have caused confusion. None of those discussions, by themselves, prove that title to the property changed hands.
Warning: Do not treat a proposed deal, memorandum of understanding, lease, or adviser appointment as a completed sale. Ownership changes only when a binding transaction closes and the property interest is transferred.
What Is the Roosevelt Hotel’s Current Status?
The Roosevelt stopped operating as a regular hotel in 2020 after the sharp decline in travel during the COVID-19 pandemic. In May 2023, New York City began using the building as an asylum-seeker humanitarian relief and arrival center.
That city operation ended on June 24, 2025. NYC311 confirms that the resource navigation and reticketing centers formerly located at the Roosevelt closed on that date. Since then, there has been no authoritative announcement that the property has reopened for normal hotel stays.
As a result, travelers should not assume the Roosevelt is currently available for standard guest bookings merely because an old reservation page or hotel listing remains online.
What Are the Redevelopment Plans?
Pakistan has pursued a joint-venture redevelopment rather than a simple, completed sale. The proposed direction is a mixed-use project that would seek to unlock the value of the Midtown site while allowing Pakistan to retain an interest in the property.
On February 19, 2026, Pakistan announced a memorandum of understanding with the United States concerning cooperation on the hotel’s operation, maintenance, renovation, and redevelopment. The official statement described the agreement as a framework for evaluating technical, commercial, and economic terms. It did not announce a sale price, final development partner, or completed transfer.
The process has continued to change. In April 2026, Pakistan’s Privatisation Commission approved a Citibank-led consortium as the top-ranked bidder for the financial-adviser role and created a committee to negotiate the agreement. However, Pakistan’s June 2026 federal budget later recorded that the adviser-hiring process had been annulled and listed the hiring of a new adviser among the next planned steps.
The key distinction is simple: Pakistan still owns the asset, while the final form, partner, financing, and timetable for redevelopment remain unsettled.
Could the Roosevelt Hotel Be Sold?
A future transaction could change the ownership structure, but that has not happened yet. Possible arrangements discussed by Pakistan have included a joint venture, long-term lease, partial equity participation, renovation, or mixed-use redevelopment.
A joint venture does not necessarily mean Pakistan gives up the property. Depending on the final contract, PIA Investments Ltd could contribute the land or building while a private partner contributes capital and development expertise. The ownership percentages, control rights, and lease terms would depend on the signed agreement.
Pro Tip: For the latest ownership status, check Pakistan’s Privatisation Commission documents first. They distinguish between ownership, an adviser appointment, and a proposed transaction more clearly than travel-booking pages.
Why Is the Property Considered Valuable?
The Roosevelt occupies a prominent Midtown East site near Grand Central Terminal. The current owner’s documents describe a 19-story hotel with 1,025 rooms and about 600,000 square feet of covered area. Its location, size, transportation access, and redevelopment potential make it a major overseas asset for Pakistan.
That value also explains why rumors frequently appear around buyers and redevelopment partners. Until a final agreement closes, those reports should be treated as proposals rather than proof of a new owner.
Conclusion
The Roosevelt Hotel is owned by PIA Investments Ltd, a subsidiary of Pakistan International Airlines Holding Company Limited under the Government of Pakistan. Claims that a new consortium bought the property in 2021 are unsupported. The hotel is not currently operating as a standard hotel, and Pakistan is still working through a proposed joint-venture redevelopment process. Until a binding transaction is completed, the ownership remains with the Pakistani state-controlled holding structure.
Frequently Asked Questions
Who owns the Roosevelt Hotel in New York City?
PIA Investments Ltd owns the hotel. It is wholly owned by Pakistan International Airlines Holding Company Limited, which is owned and managed by the Government of Pakistan.
Does Pakistan International Airlines still own the Roosevelt Hotel?
The common shorthand is yes, but the precise legal owner is PIA Investments Ltd within Pakistan International Airlines Holding Company Limited. The ultimate controlling owner is the Government of Pakistan.
Did the United States government buy the Roosevelt Hotel?
No. New York City leased and used the building as an asylum-seeker arrival center, and the U.S. government later entered a redevelopment-cooperation framework with Pakistan. Neither event was a completed purchase of the hotel.
Is the Roosevelt Hotel open to guests?
No authoritative reopening announcement has been issued. Regular hotel operations ended in 2020, and the city-run arrival center closed on June 24, 2025.
When did the Roosevelt Hotel open?
The Roosevelt Hotel opened on September 22, 1924. It was named in honor of President Theodore Roosevelt.
What is planned for the Roosevelt Hotel?
Pakistan is pursuing a joint-venture mixed-use redevelopment. The process remains incomplete, and no final partner, financing package, construction schedule, or ownership transfer has been announced.
Sources
- Pakistan Privatisation Commission: Roosevelt Hotel financial-adviser RFP — current ownership structure, room count, opening date, and proposed joint-venture direction
- Government of Pakistan Press Information Department — February 2026 Pakistan–United States cooperation framework
- Pakistan Ministry of Finance: Federal Budget 2026–27 — current adviser and redevelopment-process status
- Pakistan Privatisation Commission: April 2026 board decision — Citibank-led adviser selection and negotiation step
- NYC311: Asylum Seeker Services — June 24, 2025 closure of the Roosevelt-based centers
- Voice of America: The Roosevelt Hotel history — the Hilton era, PIA lease, and 2000 acquisition