In early February, GlobeSt.com reported that the value of the property was nearly $250M, but questioned whether plans were in the works to demolish the property in favor of an office building.

According to a report published in a Pakastani newspaper, government officials journeyed to New York a few weeks ago for the final bidding process, which was moved up to Sept. 10 from Sept. 30. The report added that 17 of 19 bidders had been qualified to take part in the final bidding.

Named for President Theodore Roosevelt, the 43,313-sf site is bounded by Madison Avenue, East 45th and 46th streets and Vanderbilt Avenue. The hotel has just completed a makeover, according to its website, with a $3 million soft good renovation to 1,013 guest rooms and suites; and a $100,000 renovation to the Madison Club Lounge lobby bar. That renovation updated its look with new carpeting, tables, chairs, lighting, artwork, couches and bar stools. The guest room makeover included the replacement of all carpeting, duvets, pillows and drapes, plus the addition of a sofa chair, a desk lamp with Internet and DC plugs and an ergonomic desk chair.