WASHINGTON (MNN); Pakistan and the United States have formally launched a strategic economic initiative focused on collaboration for the operation, maintenance, renovation, and redevelopment of the Roosevelt Hotel in New York.
According to Pakistan’s Ministry of Finance, the initiative includes cooperation with the US General Services Administration (GSA) for the hotel’s redevelopment.
The ministry stated that the engagement was negotiated and overseen by US Special Envoy Steve Witkoff under the leadership of President Donald J. Trump.
To formalise the partnership, both governments signed a Memorandum of Understanding (MoU). The agreement was signed by GSA Administrator Edward C Forst and Pakistan’s Finance Minister Muhammad Aurangzeb, and witnessed by Prime Minister Shehbaz Sharif and Witkoff.
The MoU sets out a structured and time-bound framework for jointly evaluating technical, commercial, and economic aspects of the project. Officials said the framework reflects a shared commitment to transparency, regulatory clarity, and mutually beneficial progress.
Highlighting the hotel’s prime location in Manhattan and the complexity of New York’s zoning and municipal procedures, the ministry noted that institutional coordination would help reduce execution risks and maximise transaction value.
The government emphasised that the objective is to secure maximum value for the historic property in line with Pakistan’s privatisation strategy, while further strengthening Pakistan–US economic ties.
The GSA typically manages federal property and procurement for US government agencies, and it remains unclear under what authority it would facilitate the redevelopment of a foreign state-owned asset.
Named after former US President Theodore Roosevelt, the century-old Roosevelt Hotel in Midtown Manhattan is regarded as one of Pakistan’s most valuable overseas assets. Acquired in 2000, the 1,000-plus room property was closed in 2020 due to mounting losses and briefly operated as a migrant shelter.
Located near iconic landmarks such as Grand Central Terminal, Times Square, and Fifth Avenue, the hotel sits in one of Manhattan’s most valuable commercial districts.
