The nation has agreed with the US government to jointly redevelop New York’s Roosevelt Hotel, the government in Islamabad said, allowing Islamabad to unlock value from its major overseas investment.
Restructuring and privatisation of state assets are central to Pakistan’s US$7bil (RM27bil) programme agreed with the International Monetary Fund and the century-old hotel in Midtown Manhattan owned by Pakistan’s national airline plays a key role in those plans.
The hotel, which the cash- strapped south Asian nation has estimated could be worth more than US$1bil (RM3.9bil), has been closed since 2020 and is considered for redevelopment rather than outright sale.
The two countries signed a memorandum that outlines plans to cooperate on the operation, maintenance, renovation, and redevelopment of the hotel, a statement from Pakistan’s finance division said on Thursday.
“The objective remains to secure maximum value for this property in alignment with the government’s privatisation strategy while strengthening Pakistan-United States economic ties,” it said.
The ministry said the agreement was negotiated by US Special Envoy Steve Witkoff under the leadership of President Donald Trump. — Reuters
