Islamabad: Pakistan and the US have formally launched a strategic economic initiative to jointly redevelop the Roosevelt Hotel in New York, the Finance Division said on Thursday, as Islamabad aims to secure maximum value for the property in line with its privatization strategy.
The hotel, a century-old Manhattan property near Grand Central Terminal and Times Square, is one of Pakistan’s most valuable overseas assets and is owned by the state through the recently privatized Pakistan International Airlines (PIA).
Closed since 2020 due to losses, the hotel has been under review for years as successive governments have weighed whether to sell, lease or redevelop it while pursuing state-owned enterprise reforms linked to International Monetary Fund bailouts.
“The Governments of Pakistan and the United States have formally launched a strategic 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.
Both sides signed a memorandum of understanding (MoU) in Washington. The MoU was executed by GSA Administrator Edward C. Forst on behalf of the US and by Finance Minister Muhammad Aurangzeb on Pakistan’s behalf.
