KEY POINTS
- Pakistan partners with US General Services Administration for redevelopment support
- Roosevelt Hotel to be repositioned as high-value commercial asset in Midtown Manhattan
- Project targets long-term dollar-based returns from a prime location near Grand Central Terminal
- Federal-level coordination expected to reduce regulatory and execution risks
- Move reflects shift toward active monetisation of overseas state assets
ISLAMABAD: Pakistan has formalised a strategic partnership with the United States to execute the operation, renovation and revamping of the Roosevelt Hotel in New York City.
According to officials, the government-to-government joint venture is designed to convert an ageing overseas asset into a commercially viable, high-yield project.
The collaboration involves engagement with the US General Services Administration.
It would enable Pakistan to leverage American institutional expertise in navigating complex zoning rules, regulatory approvals and execution risks associated with large-scale real estate redevelopment in Manhattan.
The Roosevelt Hotel, located in Midtown Manhattan near Grand Central Terminal, was acquired through Pakistan International Airlines and has remained closed in recent years.
The new initiative aims to transform the property from passive ownership of an inactive facility to an actively managed redevelopment opportunity focused on generating consistent dollar-based returns.
Officials familiar with the framework say federal-level coordination is expected to reduce uncertainty surrounding approvals and compliance requirements, strengthening investor confidence in the project’s execution.
By aligning diplomacy with structured commercial planning, Pakistan aims to maximise transaction value and ensure regulatory clarity in one of the world’s most competitive property markets.
The initiative signals a broader shift in Islamabad’s approach to overseas state-owned assets.
Rather than retaining properties for symbolic or legacy reasons, policymakers are increasingly focused on professional management, redevelopment and monetisation strategies.
The Roosevelt project also reflects Pakistan’s privatisation and restructuring agenda involving state-linked entities, including Pakistan International Airlines.
Officials view the New York asset as strategically important due to its prime location and potential to attract international investors once redevelopment plans are finalised.
With structured engagement from US authorities and a clearer regulatory pathway, Pakistan is positioning the Roosevelt Hotel for transformation into a commercially sustainable property capable of delivering long-term revenue streams.
The agreement reflects an effort to combine diplomatic engagement with economic strategy, demonstrating that Pakistan is prepared to collaborate at senior institutional levels to unlock value from complex international assets and convert them into sustainable economic gains.
