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

KARACHI: Pakistan and the United States have signed an agreement to jointly redevelop New York’s historic Roosevelt Hotel, allowing Islamabad to capitalise on one of its most valuable overseas assets, official sources said on Thursday.

According to documents reviewed by Reuters and sources familiar with the deal, the two governments signed a memorandum of understanding (MoU) shortly after Pakistan’s cabinet approved the redevelopment process.

The agreement paves the way for a partnership to modernise and revamp the landmark property, which has long been considered a prized Pakistani investment abroad.

Officials said the redevelopment will not only enhance the hotel’s value but also generate significant returns for Pakistan.

The Roosevelt Hotel, located in Manhattan, has remained under Pakistan’s ownership for decades, and this deal is seen as a strategic move to unlock its potential in the competitive New York real estate market.

The MoU lays out the framework for joint management and renovation, although detailed plans, timelines, and financial arrangements are expected to be finalised in the coming months.

Pakistani authorities are optimistic that the project will boost both revenue and the country’s profile in international real estate.

This development comes amid broader efforts by the Pakistani government to monetise and optimise its overseas investments, ensuring they contribute more effectively to the national economy.