Pakistan Blocks JPMorgan's Bid for Roosevelt Hotel, Plans Joint Redevelopment

Pakistan has blocked JPMorgan Chase's proposed purchase of the Roosevelt Hotel in New York City after over a year of negotiations. Instead, Pakistan plans to redevelop the prime Manhattan property through a joint venture, retaining ownership while unlocking its value. Officials anticipate attracting over $1 billion in private investment and an upfront payment of about $100 million. This move aligns with Pakistan's strategy to monetize overseas assets amid financial pressures while maintaining stakes.