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GlobeSt.com UPDATE: Roosevelt Hotel Bids In, Sale Near to Closing

NEW YORK CITY-The sale of the landmark Roosevelt Hotel is nearing as all the bids are in. As many as 17 prospective buyers placed bids on the Midtown property and a deal is expected to be announced.

By Barbara Jarvie | Updated on September 30, 2003

NEW YORK CITY-Midtown Manhattan stalwart the Roosevelt Hotel is close to being off the market as all the bids are in for the 1,013-room property owned by a joint venture of Pakistan International Airlines and Saudi Arabia’s Prince Faisal. Eastdil Realty Co. LLC was the exclusive advisor to the owner in connection with the sale of the landmark, which opened in 1924.

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.

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