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NEW YORK CITY-Proving the adage it ain’t over ’til it’s over, the sale of the Roosevelt Hotel has been called off, according to inside sources. A few weeks ago, all the bids were in for the 1,013-room property owned by a joint venture of Pakistan International Airlines and Saudi Arabia’s Prince Faisal, but now refinancing is the favored course of action.

The joint venture had operated the hotel since 1979 and acquired the surrounding land in 1999.

In early February, GlobeSt.com reported that the value of the property was nearly $250 million, but questioned whether plans were in the works to demolish the property in favor of an office building. According to a report published last week in a Pakastani newspaper, a $244 million bid from Donald Trump was rejected, but a second lower bid was about to be accepted. Eastdil was the exclusive advisor on the sale.

Named for President Theodore Roosevelt, the 43,313-sf site is bounded byMadison Avenue, East 45th and 46th streets and Vanderbilt Avenue. The hotelhas 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 makeoverincluded 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.

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