How a Manhattan hotel became the prize in an international battle for mining rights

A Midtown hotel best known as the backdrop for a J.Lo rom-com is at the center of an international dispute over mining rights, and the outcome will determine who owns one of Manhattan’s grand hotels.

The Pakistani government and Australian mining company Tethyan Copper Company are duking it out in federal court in Manhattan over the Roosevelt Hotel. The now-shuttered hotel is owned by the Pakistani government through its national airline, Pakistan International Airlines.

The Roosevelt is embroiled in a tug-of-war as Tethyan seeks to get its hands on the property as part of a $6 billion award, according to a lawsuit. The South Asian country is alleged to have reneged on a mineral rights deal 7,000

→ Continue reading at Crain's New York Business

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