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 hotel buildings. It opened in 1924 near Grand Central Terminal, but it is no longer operating as a conventional hotel. Its ownership is often misunderstood because the property has been associated with railroads, Hilton, private developers, Pakistan International Airlines, and New York City at different points in its history.
Quick Answer
The Roosevelt Hotel in Manhattan is legally owned by PIA Investments Ltd, a subsidiary of Pakistan International Airlines Holding Company Ltd, which is controlled by the Government of Pakistan. It is not currently a Hilton or Dream Hotel Group property. The building is closed to hotel guests while officials evaluate a joint-venture redevelopment.
Key Takeaways
- PIA Investments Ltd is the legal owner of the Roosevelt Hotel property.
- The owner sits under a government-controlled Pakistani holding company, so the property is ultimately controlled by the Government of Pakistan.
- PIA became involved with the hotel in 1979 and completed its purchase process around 1999–2000.
- Hilton’s connection was historical. The Roosevelt is not currently a Hilton hotel.
- The hotel closed to paying guests in 2020, served as a New York City asylum-seeker facility from 2023 to 2025, and is not currently accepting ordinary hotel reservations.
- A redevelopment process is underway, but no final design, hotel brand, development partner, or reopening date has been confirmed.
Who Owns the Roosevelt Hotel in New York City?
The legal owner is PIA Investments Ltd, often shortened to PIAIL or PIA-IL. According to the Government of Pakistan’s Roosevelt Hotel transaction documents, PIA Investments Ltd is wholly owned by Pakistan International Airlines Holding Company Limited, or PIAHCL. That holding company is owned and managed by the Government of Pakistan.
This means the common statement that “Pakistan International Airlines owns the Roosevelt Hotel” is broadly understandable, but it leaves out the corporate structure. The airline-related investment subsidiary is the direct legal owner, while the Government of Pakistan is the ultimate controller.
Note: Ownership, hotel management, branding, and temporary use are different. A hotel can be owned by one company, managed or branded by another, and leased temporarily to a government agency without changing legal ownership.
Ownership at a Glance
| Legal owner | PIA Investments Ltd |
| Parent company | Pakistan International Airlines Holding Company Ltd |
| Ultimate controller | Government of Pakistan |
| Current hotel status | Closed to ordinary hotel guests |
| Most recent public use | New York City asylum-seeker arrival and relief center, closed June 24, 2025 |
| Current direction | Joint-venture and redevelopment evaluation; no confirmed reopening date |
History of the Roosevelt Hotel
The Roosevelt Hotel opened on September 22, 1924. The 19-story property was designed by George B. Post & Sons and developed in the Grand Central area during the expansion of “Terminal City,” the business and hotel district built around Grand Central Terminal. Current government transaction documents describe it as a 1,025-room property with approximately 600,000 square feet of covered space.
The hotel was named after President Theodore Roosevelt. Its large lobby, ballrooms, restaurants, and central location made it an important business, social, and entertainment venue. It became associated with political events, big-band performances, weddings, meetings, and New York’s railroad-era hotel culture.
New York Governor Thomas E. Dewey used the hotel as a political base during part of his career, and the property was connected with several well-known figures and events. Its historical importance, however, should not be confused with its current status: the building is no longer functioning as an open luxury hotel.
Previous Ownership of the Roosevelt Hotel
The Roosevelt’s ownership and operating arrangements changed several times during the 20th century. It was originally associated with railroad-controlled real estate around Grand Central and was operated through United Hotels.
The Hilton era
Hilton acquired control of the Roosevelt in 1943. According to Hilton’s corporate history, buying the Roosevelt and the Plaza helped Hilton become the first coast-to-coast hotel chain in the United States. Hilton later sold the Roosevelt during the 1950s.
This history explains why some older references connect the Roosevelt with Hilton. It does not mean the hotel is currently owned by, managed by, or affiliated with Hilton.
Later corporate and private ownership
After Hilton, the property passed through other corporate and railroad-related ownership structures. Developer Paul Milstein acquired the Roosevelt in 1978. PIA became involved the following year through an investment arrangement that included a long-term lease and an option to purchase the property.
PIA’s lease and purchase
A Government of Pakistan account of the transaction states that PIA entered the investment in 1979 and obtained full shareholding in 1999. This is why many summaries say that PIA “bought” the Roosevelt in 1999.
The closing process also involved a court dispute over the fixed purchase option and mortgage obligations. A New York Commercial Division report from 2000 records the decision concerning the purchase option. For that reason, other reliable histories list 2000 as the acquisition year.
PIA’s ownership did not suddenly begin in 2021. Its involvement dates to 1979, and the purchase process was completed around 1999–2000.
Was There New Ownership in 2021?
No verified evidence shows that Dream Hotel Group or a consortium led by Dream Hotel Group acquired the Roosevelt Hotel in 2021. Official documents issued before and after that date continued to identify PIA Investments Ltd as the property owner.
There is also no reliable support for a June 15, 2021 ownership transfer, a $200 million renovation commitment, or a commercial reopening scheduled for Spring 2023. The building remained under the PIA-linked ownership structure.
The confusion may come from repeated discussions about selling, leasing, reopening, or redeveloping the property. Negotiations, advisory appointments, temporary leases, and development proposals do not transfer ownership unless a transaction is completed.
Is the Roosevelt Hotel Still Open?
The Roosevelt Hotel closed to paying hotel guests in 2020 after suffering continuing financial losses during the COVID-19 travel downturn. It did not resume normal hotel operations in Spring 2023.
Instead, New York City began using the building in May 2023 as an asylum-seeker arrival center and Humanitarian Emergency Response and Relief Center. The facility provided intake, temporary accommodation, medical support, legal assistance, translation, and other services.
New York City announced in February 2025 that the facility would close as the number of new arrivals declined. The city’s NYC 311 information page confirms that the Roosevelt Hotel resource-navigation and reticketing centers closed on June 24, 2025.
Warning: The Roosevelt Hotel is not currently a normal bookable hotel. Travelers should not rely on old listings, archived review pages, or articles that describe it as open for overnight stays.
How the New York City Agreement Affected the Hotel
New York City’s use of the property did not make the city its owner. The arrangement was a temporary operating and occupancy agreement with the PIA-linked owner.
The city converted much of the building into an arrival, processing, and relief center. According to the New York City Mayor’s Office, more than 173,000 registrations were completed at the Roosevelt between May 2023 and February 2025.
When the city program ended, the ownership did not change. Control of the vacant property remained with its PIA-linked owner, and attention returned to its financial obligations, physical condition, and redevelopment potential.
Current Plans for the Roosevelt Hotel
The confirmed strategy is broader than a simple hotel-room renovation. In July 2025, Pakistan’s Cabinet Committee on Privatisation approved a joint-venture model with multiple options after considering an outright sale, a long-term lease, and several joint-venture structures.
The purpose of that approach is to seek a development partner while allowing Pakistan to retain an interest in the valuable Manhattan site. Mixed-use development, renewed hotel use, offices, residences, and other configurations have been discussed, but discussion does not equal final approval.
In February 2026, Pakistan and the United States announced a cooperation framework involving the U.S. General Services Administration. The memorandum covers evaluation of the hotel’s operation, maintenance, renovation, and redevelopment.
The memorandum is a framework for evaluation and coordination. It is not proof that construction has begun, that a private development partner has signed a final agreement, or that a particular tower, hotel brand, or mixed-use design has received all required approvals.
Future of the Roosevelt Hotel
The Roosevelt’s ownership is much clearer than its future use. PIA Investments Ltd remains the legal owner under the government-controlled holding structure, but officials continue to evaluate how to obtain the greatest value from the site.
As of July 2026, no final public announcement had confirmed:
- A commercial hotel reopening date
- A new hotel operator or brand
- A completed sale of the property
- A final joint-venture development partner
- Whether the existing building will be restored, substantially altered, or replaced
- A completed architectural design or construction schedule
The property’s location near Grand Central Terminal, Madison Avenue, Fifth Avenue, and major Midtown office towers makes it a valuable development site. At the same time, any large project would require financing, detailed agreements, design work, regulatory review, and compliance with New York City’s land-use and construction rules.
The Roosevelt Hotel therefore remains an important New York building at a transitional point. Its past includes railroad development, Hilton ownership, PIA investment, commercial hotel operations, and temporary humanitarian use. Its next role will depend on a transaction and redevelopment process that is still unfolding.
Travelers preparing for a New York trip may also find these guides useful: travel pants with hidden pockets, hardside carry-on luggage with spinner wheels, and travel pillows for long flights.
Frequently Asked Questions
Who currently owns the Roosevelt Hotel?
PIA Investments Ltd is the legal owner. It is a subsidiary of Pakistan International Airlines Holding Company Ltd, which is owned and managed by the Government of Pakistan.
When did Pakistan International Airlines acquire the Roosevelt Hotel?
PIA became involved with the property in 1979. It exercised the purchase arrangement and obtained full shareholding in 1999, while the related court decision and closing process continued into 2000. This is why sources may identify either 1999 or 2000 as the acquisition year.
Is the Roosevelt Hotel part of Hilton?
No. Hilton acquired the Roosevelt in 1943 and was historically associated with the hotel, but that relationship ended decades ago. The property is not currently a Hilton-branded or Hilton-owned hotel.
Did Dream Hotel Group buy the Roosevelt Hotel in 2021?
No verified transaction shows that Dream Hotel Group acquired the Roosevelt in 2021. Government ownership records continued to identify PIA Investments Ltd as the owner.
Can travelers currently book a room at the Roosevelt Hotel?
No. The Roosevelt is closed to ordinary hotel guests and is not operating as a conventional bookable hotel.
Is the Roosevelt Hotel still being used as a migrant arrival center?
No. New York City’s resource-navigation, arrival, and reticketing operations at the Roosevelt ended on June 24, 2025.
Will the Roosevelt Hotel reopen?
A future hotel use remains possible, but no confirmed reopening date or hotel operator has been announced. The current process is evaluating joint-venture, renovation, and redevelopment options for the property.
Sources
- Government of Pakistan Roosevelt Hotel RFP — legal ownership structure, location, opening date, room count, and redevelopment objective.
- Pakistan Press Information Department: Roosevelt Hotel ownership history — PIA’s 1979 involvement and 1999 full-shareholding account.
- New York Commercial Division Law Report, July 2000 — purchase-option litigation and court ruling.
- Hilton corporate history — Hilton’s historical acquisition of the Roosevelt in 1943.
- New York City Mayor’s Office — arrival-center history, services, registration figures, and closure announcement.
- Reuters, July 2026 — current status of the continuing Roosevelt Hotel redevelopment initiative.