Pakistan, US sign pact to redevelop New York’s Roosevelt Hotel

Pakistan and the United States (US) launched an economic initiative, including collaboration with the US General Services Administration (GSA) regarding the operation, maintenance, renovation, and redevelopment of the Roosevelt Hotel in New York, the Finance Division said on Thursday.

The engagement was negotiated and stewarded by US Special Envoy Steve Witkoff under the leadership of President Donald J. Trump, it added.

“To advance this partnership, both governments have signed a Memorandum of Understanding (MoU) formalising their cooperation. 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, and witnessed by Prime Minister Mian Shehbaz Sharif and United States Special Envoy Steve Witkoff,” the Finance Division said.

According to the statement, the MoU establishes a “structured, time-bound framework for joint evaluation of the technical, commercial, and economic parameters of cooperation, reflecting a shared commitment to transparent, disciplined, and mutually beneficial progress”.

“Given the Roosevelt Hotel’s prime Manhattan location and the complexity of New York zoning and municipal processes, institutional coordination aims to reduce execution risk, enhance regulatory clarity, and maximise transaction value.

“Such facilitative frameworks are consistent with international practice in cross-border real estate and infrastructure projects.

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

Last month, Muhammad Ali, the privatisation adviser to the prime minister, ruled out an outright sale of the Roosevelt Hotel, opting instead for a development-led privatisation strategy aimed at maximising value from the Pakistan International Airlines (PIA) asset.

In December 2025, a consortium led by Arif Habib Corporation Limited bought 75% stake in the PIA for Rs135 billion, giving an end to years of stalled efforts to privatise the loss-making airline.