Pakistan, US sign MoU on future of Roosevelt hotel

The governments of Pakistan and the US have signed a memorandum of understanding (MoU) to explore cooperation over the future of the Roosevelt Hotel in New York.

The MoU was signed by GSA Administrator Edward C Forst on behalf of the US and Finance Minister of Pakistan Muhammad Aurangzeb. Prime Minister of Pakistan, Shehbaz Sharif and US Special Envoy Steve Witkoff witnessed the signing.

The agreement provides a framework for collaboration with the US General Services Administration (GSA) on the operation, maintenance, renovation and potential redevelopment of the Roosevelt Hotel, which is owned by Pakistan International Airlines and located in New York.

It establishes a structured, time-bound framework for joint evaluation of the technical, commercial, and economic parameters of cooperation, reflecting a shared commitment to transparent, disciplined, and mutually beneficial progress.

Given the Roosevelt Hotel’s prime Manhattan location and the complexity of New York zoning and municipal processes, institutional coordination aims to reduce execution risk, enhance regulatory clarity, and maximize transaction value. Such facilitative frameworks are consistent with international practice in cross-border real estate and infrastructure projects.

The objective remains to secure maximum value for this property in alignment with the government’s privatization strategy while strengthening Pakistan-United States economic ties.