Pakistan has struck a deal with the US government to jointly redevelop New York‘s Roosevelt Hotel, Reuters has reported. The move will reportedly allow Islamabad to unlock the value of one of its most prized overseas investments.
The agreement, as seen by Reuters, did not specify the monetary terms of the deal.
What do we know about the Roosevelt hotel?
The hotel, which opened in 1924, is owned by Pakistan’s national airline Pakistan International Airlines (PIA). Named after former US President Theodore Roosevelt, the hotel had long been considered a symbol of elegance with 1,025 rooms.
It pioneered TVs in every room in 1947 under Conrad Hilton’s ownership (1943–56), hosted notable figures from Guy Lombardo’s New Year’s Eve broadcasts to US presidents, and served as a hub for events amid Terminal City’s development, though it changed hands multiple times after early bankruptcies and anti-trust sales.
It closed to guests in 2020 due to COVID-19 pandemic losses.
It has remained closed since then and is central to Islamabad’s IMF-backed asset restructuring, which the government has previously estimated could be worth more than $1 billion.
Pakistan and US’ deepening economic ties
According to Reuters, the Pakistani Prime Minister Shehbaz Sharif cleared the proposal by authorising the Ministry of Defence to sign the non-binding memorandum with the US General Services Administration (GSA), as part of efforts to enhance bilateral and commercial relations.
The agreement comes as Pakistan seeks to deepens economic engagement with Washington, including US financing support for the Reko Diq copper and gold mining project in Pakistan’s Balochistan, which is partly owned by Barrick Resources.
Notably, Sharif is currently in Washington to attend the inaugural Board of Peace meeting.
The US General Services Administration primarily manages federal property and procurement for American government agencies, and its publicly stated mandate does not typically include commercial redevelopment of foreign state-owned assets.
It was not immediately clear under what authority the agency would facilitate the project.