New York's Roosevelt Hotel set for US-Pakistan redevelopment

Pakistan has reached an agreement with the United States to jointly redevelop the historic Roosevelt Hotel in Midtown Manhattan, Islamabad said on Thursday, a move aimed at unlocking value from one of its largest overseas assets.

The restructuring and privatisation of state-owned enterprises are central to Pakistan’s $7 billion programme with the International Monetary Fund, News.Az reports, citing Kyodo.

The century-old hotel, owned by Pakistan International Airlines, is seen as a key component of those efforts.

Closed since 2020, the property — which Pakistan estimates could be worth more than $1 billion — is being considered for redevelopment rather than an outright sale.

According to a statement from Pakistan’s finance division, the two countries signed a memorandum outlining cooperation on the hotel’s operation, maintenance, renovation and redevelopment.

“The objective remains to secure maximum value for this property in alignment with the government’s privatisation strategy while strengthening Pakistan–United States economic ties,” the statement said.

The ministry added that the agreement was negotiated by U.S. Special Envoy Steve Witkoff under the leadership of U.S. President Donald Trump. The White House did not immediately comment.

The memorandum, reviewed by Reuters, does not include financial details. It states that the project will be facilitated by the U.S. General Services Administration and Pakistan’s Ministry of Defence. The GSA typically manages federal property and procurement for U.S. government agencies, and it remains unclear under what authority it would assist in the redevelopment of a foreign state-owned asset.

Islamabad has been strengthening economic ties with Washington, including U.S. financing support for the Reko Diq copper and gold mining project in Balochistan. Meanwhile, Prime Minister Shehbaz Sharif is currently in Washington to attend the inaugural meeting of Trump’s Board of Peace.

News.Az 

By Nijat Babayev