US Edition
Pakistan, US sign pact to redevelop New York's Roosevelt Hotel
The MoU aims to maximize value of the Roosevelt Hotel under Pakistan’s privatization plan and strengthen bilateral economic ties, officials said.
- On Thursday, Pakistan and the United States signed a MoU to develop the Roosevelt Hotel in New York, witnessed by Prime Minister Shehbaz Sharif and Steve Witkoff.
- As part of Islamabad's IMF-backed restructuring, Pakistan aims to secure maximum value for the Roosevelt Hotel, owned by Pakistan's national airline, in a package worth more than $1 billion, while strengthening bilateral economic ties.
- The US General Services Administration's role is notable because the GSA's publicly stated mandate does not typically include commercial redevelopment of foreign state-owned assets, while institutional coordination aims to reduce execution risk, enhance regulatory clarity and maximize transaction value given New York zoning and municipal processes.
- With Prime Minister Shehbaz Sharif in Washington, the MoU establishes a structured, time-bound framework for joint evaluation, signaling immediate high-level diplomatic engagement.
- The finance ministry said questions remain over the authority of the US General Services Administration and Manhattan zoning that could hinder execution and affect transaction value.
23 Articles
23 Articles
Can cash-strapped Pakistan afford to redevelop New York’s Roosevelt Hotel with US?
Pakistan signed an MoU with the US to cooperate on operating, renovating and redeveloping the Roosevelt Hotel in Midtown Manhattan. The property, owned by Pakistan International Airlines and shut since 2020, is valued by Pakistan at over $1 billion and linked to IMF-mandated privatisation efforts
Jerusalem Post
The Media LinePakistan, US launch partnership to redevelop Roosevelt Hotel in New York
The initiative includes collaboration with the US General Services Administration (GSA) regarding the operation, maintenance, renovation and redevelopment of the Roosevelt Hotel in New York.
White House-Pakistan deal to redevelop NYC’s Roosevelt Hotel raises more questions than answers
In a startling Thursday announcement, the Trump administration signed an agreement with Pakistan’s government to “jointly redevelop” the Pakistan-owned Roosevelt Hotel on Madison Avenue.
Geo News
Pakistan Live NewsPakistan, US ink deal to redevelop New York's Roosevelt Hotel
Deal negotiated, stewarded by US special envoy: finance ministry.Pakistan, United States sign MoU to formalise their cooperation.Century-old hotel in New York owned by PIA closed since 2020.Pakistan and the United States have formally...
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