The Roosevelt Hotel

What The Roosevelt Hotel does

The Roosevelt Hotel is a historic, full-service hotel property located at 45 East 45th Street in Midtown Manhattan, New York. Founded in 1924 and acquired by Pakistan International Airlines in 1999, the property is owned by the Government of Pakistan through its national flag carrier. The hotel has been shuttered for traditional guest accommodation services since 2020, though it operated as a migrant shelter facility for New York City from 2022 through mid-2025 under a $220 million contract, of which $146.6 million was realized. The property carries the registered "The Roosevelt Hotel™" trademark and sits adjacent to Grand Central Terminal in one of Manhattan's most valuable commercial corridors, with the physical asset estimated to be worth over $1 billion.

The hotel's revenue model during its shuttered period relied almost exclusively on a single managed-services government contract for temporary migrant housing. Prior to closure, the business model centered on traditional hospitality revenue streams including room reservations, events, and dining, distributed through direct website bookings, phone reservations, and standard third-party travel platforms. The property carries significant financial liabilities to New York City, including approximately $14.6 million in combined overdue property taxes and unpaid water bills stemming from a defaulted September 2023 payment plan.

In February 2026, the Government of Pakistan signed a Memorandum of Understanding with the United States government, negotiated through the US General Services Administration, to jointly redevelop the property. Under the framework, Pakistan would contribute the land for a 40-50% ownership stake while a development partner invests approximately $1 billion in equity and the joint venture takes on $2-3 billion in debt. The redevelopment represents a complete repositioning of the asset from shuttered hotel to a large-scale mixed-use or hospitality redevelopment project, though no operational restart timeline, brand repositioning, or hospitality reopening has been disclosed.

Name

The Roosevelt Hotel

Legal name

The Roosevelt Hotel

Website

https://theroosevelthotel.com

Company type

Private

Founded year

1924

Operating status

Closed

Headcount range

101–250 employees

Short description

The Roosevelt Hotel is a shuttered historic Midtown Manhattan hotel owned by Pakistan International Airlines, currently closed for traditional hospitality since 2020, with a 2026 US-Pakistan joint redevelopment partnership planned to reposition the $1 billion-plus asset.

Ownership category

akta.pro rank

Product category

Luxury Hotel Hospitality

NAICS

Hotels (except Casino Hotels) and Motels (721110), Hotels (except Casino Hotels) and Motels (72111)

SIC

Hotels & Motels (7011)

akta.pro primary industry

Urban & Downtown Full-Service Hotels (THAGAAAA)

akta.pro secondary industry

Urban Luxury Hotels (City Luxury) (THAGACAE)

Keywords

• Luxury hotel accommodations
• Midtown manhattan lodging
• Historic hotel property
• Event venue services
• Hospitality real estate

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Others

Revenue model

1. Hotel Operations: The Roosevelt Hotel operated as a hospitality business generating revenue from hotel guest accommodations, events, and related services. The hotel has been shuttered since 2020 and is currently not operational.
2. Migrant Shelter Contract: The hotel operated under a contract with New York City to house migrants from 2022 through mid-2025, generating $146.6 million in revenue under a $220 million total contract value.

Distribution channels1 record

Marketing channels2 records

Core offering

The Roosevelt Hotel is a full-service landmark hotel in Midtown Manhattan at 45 East 45th Street offering guest room accommodations, including luxury suites, along with event and dining services. The property has been shuttered since 2020 and is not currently operational for general hotel guests, though it operated as a migrant shelter for New York City from 2022 through mid-2025 under a $220 million contract.

Product overview

The Roosevelt Hotel is a single-property luxury hotel offering traditional guest accommodation services. The hotel provides room reservations and hospitality services at its landmark Midtown Manhattan location. No separate product modules, add-ons, or platform architecture are described in the available source material.

Differentiator

Problem solved

Functional benefit

Products and services

• Hotel Accommodation Services Traditional full-service hotel accommodation services offering guest room reservations including luxury suites at the iconic Midtown Manhattan location at 45 E 45th Street, New York, NY 10017. The hotel caters to business travelers, tourists, and event attendees seeking lodging in one of Manhattan's most valuable real estate markets, though the property has been shuttered since 2020.
• Migrant Shelter Housing Services Large-scale temporary housing and shelter services provided to New York City government to accommodate migrants arriving in the city. Operated under a $220 million total contract value from 2022 through mid-2025, serving as a government-contracted migrant shelter facility.

Quantifiable outcome

• Property valued at over $1 billion
• +1 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered flagship, core and minor.

• United States Government (General Services Administration)flagshipStrategic or Co-development Partner · 20 February 2026The US federal government signed a joint venture agreement with Pakistan to redevelop the Roosevelt Hotel. The agreement was negotiated by U.S. Special Envoy Steve Witkoff and facilitated by the U.S. General Services Administration. Under the framework, Pakistan contributes land for 40-50% ownership while development partner invests approximately $1 billion in equity and the JV takes on $2-3 billion in debt.
• Pakistan Ministry of DefencecoreStrategic or Co-development Partner · 20 February 2026Pakistan's Finance Ministry executed the MoU with the US government, with witnessing by Prime Minister Shehbaz Sharif and US Special Envoy Steve Witkoff. The Ministry of Defence was involved in facilitating the agreement as part of the US-Pakistan joint redevelopment initiative.
• New York City Department of FinanceminorOthersThe hotel has a disputed financial relationship with NYC, owing $13.6 million in overdue property taxes and nearly $1 million in unpaid water bills. The hotel defaulted on a payment plan signed with the city's Department of Finance in September 2023.

Scale indicators7 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• The Plaza Hotel: Iconic luxury hotel in Midtown Manhattan offering full-service accommodations in a landmark building. Directly comparable to the Roosevelt as a heritage luxury hotel in a prime Manhattan location, competing for the same high-end leisure and business traveler segments.
• The New York Hilton Midtown: Large full-service hotel on Avenue of the Americas in Midtown Manhattan catering to business travelers and convention groups. Comparable as a high-volume, centrally located Midtown hotel competing for similar traveler demographics.
• The Peninsula New York: Luxury hotel on Fifth Avenue in Midtown Manhattan offering premium accommodations and suites. Comparable as a top-tier luxury competitor in Midtown with similar suite offerings targeting high-end international travelers.
• Park Hyatt New York: Luxury hotel in Midtown Manhattan offering premium accommodations near Carnegie Hall. Comparable as a luxury-tier competitor in Midtown targeting high-end business and leisure travelers with luxury suite offerings similar to Roosevelt's pre-closure positioning.
• Grand Hyatt New York: Full-service hotel adjacent to Grand Central Terminal in Midtown Manhattan. Directly comparable due to its immediate proximity to the Roosevelt and shared location near 42nd Street, competing for similar Grand Central corridor business.
• InterContinental New York Barclay: Full-service luxury hotel on East 48th Street in Midtown Manhattan. Comparable as a recently renovated, full-service Midtown property competing for similar business and event-driven demand.
• The St. Regis New York: Historic luxury hotel on Fifth Avenue in Midtown Manhattan. Comparable as a heritage luxury hotel with century-old roots, competing in the same ultra-luxury segment in Midtown Manhattan.
• Lotte New York Palace: Iconic luxury hotel on Madison Avenue in Midtown Manhattan. Comparable as a landmark Madison Avenue/Midtown luxury hotel competing for similar upscale clientele and event business.
• Waldorf Astoria New York: Century-old landmark luxury hotel on Park Avenue in Midtown Manhattan. Recently underwent a major redevelopment (closed 2017, reopened 2025), making it an especially close comparable given its similar heritage profile and large-scale renovation playbook.

Broad incumbents

• Four Seasons Hotel New York Downtown: Luxury hotel under the Four Seasons brand in Manhattan. Comparable as a luxury competitor within NYC's premium hotel landscape, though located downtown rather than Midtown, offering benchmark pricing and positioning data for the luxury segment.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights5 records

Customer concentration

• Xx.com/RooseveltNYC
• Facebookfacebook.com/rooseveltnyc
• LinkedInlinkedin.com/company/the-roosevelt-hotel

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Roosevelt Hotel