Manhattan’s Roosevelt Hotel to undergo major overhaul under new Pakistan-US partnership
2026-02-19 - 16:43
ISLAMABAD – Pakistan and the United States launched a groundbreaking initiative involving the operation, maintenance, renovation, and redevelopment of New York’s prestigious Roosevelt Hotel. Finance Division shared an update, saying high-profile engagement was orchestrated by US Special Envoy Steve Witkoff under the leadership of President Donald J. Trump. Both nations formalized the cooperation through a Memorandum of Understanding (MoU), signed by GSA Administrator Edward C. Forst for the United States and Pakistan’s Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb, with Prime Minister Mian Shehbaz Sharif and Steve Witkoff witnessing the historic signing. MoU lays out a structured, time-bound roadmap for evaluating the technical, commercial, and economic aspects of the project, highlighting a shared commitment to transparency, discipline, and mutual benefit. Given the Roosevelt Hotel’s prime Manhattan location and the complexity of New York’s zoning laws, institutional coordination is designed to reduce execution risks, streamline regulatory hurdles, and maximize transaction value, aligning with international best practices for cross-border real estate and infrastructure projects. The initiative aims to extract maximum value from this iconic property while reinforcing Pakistan-US economic collaboration. Earlier, Muhammad Ali, the prime minister’s privatization adviser, ruled out an outright sale of the hotel, opting instead for a development-focused privatization strategy to enhance the value of the Pakistan International Airlines (PIA) asset. In a related milestone, a consortium led by Arif Habib Corporation Limited acquired a 75% stake in PIA for Rs135 billion in December 2025, ending years of stalled privatization efforts for the loss-making airline. Roosevelt Hotel in Midtown Manhattan, New York, is historic luxury hotel that opened in 1924 and is named after President Theodore Roosevelt. The Roosevelt Hotel gained improtance for Pakistan as part of a high-profile economic initiative with the United States, aimed at strengthening bilateral ties and generating strategic investment returns. Pakistan’s involvement comes through the privatization and development of assets linked to Pakistan International Airlines (PIA), with the hotel positioned as a prime international property to maximize revenue. Rather than an outright sale, Islamabad is pursuing a development-led strategy to enhance the hotel’s value, aligning with its broader economic and privatization goals, and it will not only offers potential financial benefits but also elevates Pakistan’s profile in cross-border real estate and infrastructure projects. Pakistan sets $100 million base valuation for PIA-owned Roosevelt Hotel