By our correspondent
WASHINGTON: The United States and Pakistan have formally agreed to cooperate on the restoration and future management of the century-old Roosevelt Hotel, a property owned by the Pakistani government in New York.
In a statement on Thursday, Pakistan’s finance ministry said the two countries had launched a series of “strategic economic initiatives” that include collaboration on the hotel’s operations, maintenance, and renovation. As part of the arrangement, a memorandum of understanding was signed between Pakistan and the US General Services Administration, the federal agency responsible for managing government property and procurement.
The agreement was signed by Pakistan’s finance minister, Muhammad Aurangzeb, and the agency’s administrator, Edward C. Forst. The ceremony in Washington was attended by Prime Minister Shehbaz Sharif and US Special Envoy to the Middle East, Steve Witkoff. According to the statement, the two sides agreed on a comprehensive framework governing the hotel’s operations and rehabilitation.
The finance ministry described the project as a new phase in economic ties between Islamabad and Washington, adding that the broader strategic initiatives are being overseen by Witkoff. The Roosevelt Hotel, located in Midtown Manhattan, was built more than a century ago and is named after former US president Theodore Roosevelt.
The 1,047-room property remains under the ownership of the Pakistani government. In 2023, Pakistan International Airlines Investment Limited reached a separate agreement with the City of New York to lease the hotel for three years, in a deal reportedly worth $220 million.
