NEW YORK, July 11: The PIA-owned Roosevelt Hotel could be sold for as much as one billion dollars as an office development site, New York Post reported Wednesday. While real estate experts say that the hotel is worth just about half a billion dollars but it could bring PIA a windfall if the developers in New York have their way.

Just over a year ago, the Pakistani government, which owns the 1,013-room hotel as PIA Investments, bought out its 50/50 partner, Prince Faisal bin Khalid, of Saudi Arabia.

Infighting and political factionalism in Pakistan stopped an earlier sales effort in 2003 that would have brought in around $225 million slated to be used to purchase new jets for its airline, the Post newspaper, owned by business magnate Rupert Murdoch, said.

The newspaper quoted sources as saying that Cushman & Wakefield will be marking the hotel through its Fab Foursome: Richard Baxter, Ron Cohen, Scott Latham and Jon Caplan. The company declined comment.

At a breakfast meeting at Michael's on Tuesday morning, C&W executives were bullish on the ongoing sales and leasing markets, as vacancy rates have dropped to 5.3 per cent and asking rents are up to $75.79 a foot in Midtown, a 35 per cent jump since this time last year.

The hotel occupies nearly a full-acre block just north of Grand Central Terminal bounded by 45th and 46th Streets, Vanderbilt and Madison avenues.Potential bidders are being advised to compare the hotel to the site next to the Museum of Modern Art which sold for $775 a build able foot, but is mid-block near Sixth Avenue.