Pakistan has signed a deal with the United States to jointly redevelop New York's Roosevelt Hotel. The hotel, built in 1924, is owned by Pakistan's international airlines and has been closed since 2020.
The US and Pakistan signed a memorandum outlining plans to cooperate on the operation, maintenance, renovation and redevelopment of the hotel.
Taking to X, the Pakistan Ministry of Finance informed that this collaboration was negotiated and “stewarded by US Special Envoy Steve Witkoff under the leadership of President Donald Trump.”
“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 ministry said.
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{{/usCountry}}Restructuring and privatisation of state assets are central to Pakistan's $7 billion programme agreed with the International Monetary Fund.
The hotel, located in Midtown Manhattan, could be worth more than $1 billion, Reuters reported. While it has been closed since 2020, redevelopment is being considered rather than outright sale.
The MoU was executed by GSA Administrator Edward C. Forst on behalf of the United States and Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb on behalf of Pakistan. PM Shehbaz Sharif and US envoy Steve Witkoff were also present.
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What does the deal do
According to Pakistan, the deal creates a clear and time-bound framework for both sides to jointly review “ the technical, commercial, and financial aspects of the partnership.”
The ministry also said that the coordination will ensure regulatory clarity, keeping in mind the complex zoning and approval process in New York. “Such facilitative frameworks are consistent with international practice in cross-border real estate and infrastructure projects,” Pakistan said.
The report by Reuters said that the memorandum does not specify any financial terms and says that the project “shall be facilitated by the United States General Services Administration and by the Pakistan Ministry of Defence.”