The United States and Pakistan have signed an agreement to renovate and restore the iconic Roosevelt Hotel in New York, marking a significant step in renewed economic engagement between the two countries.
The understanding was reached during Prime Minister Shehbaz Sharif’s visit to Washington for the inaugural meeting of President Donald Trump’s Board of Peace, underscoring the broader strategic context of the initiative.
Situated in the heart of Manhattan, the century-old Roosevelt Hotel is a historic landmark owned by Pakistan International Airlines (PIA), which has been undergoing a privatization process led by Islamabad.
Long regarded as one of Pakistan’s most valuable overseas assets, the property occupies a prime location near Times Square, Grand Central Station and the United Nations headquarters.
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Under the memorandum of understanding, the US General Services Administration (GSA) and the Government of Pakistan will collaborate on a structured plan to evaluate and advance the hotel’s restoration. The initiative aims to reposition the property as a commercially viable venture while reinforcing bilateral economic ties.
“This engagement was negotiated and stewarded by US Special Envoy Steve Witkoff under the leadership of President Donald J. Trump,” Pakistan’s Ministry of Finance said in a statement outlining the agreement.
“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,” the ministry added.
The Governments of Pakistan and the United States have formally launched a strategic economic initiative, including collaboration with the U.S. General Services Administration (GSA) regarding the operation, maintenance, renovation, and redevelopment of the Roosevelt Hotel in New… pic.twitter.com/p0Gix5TLFX
— Ministry of Finance, Government of Pakistan (@Financegovpk) February 19, 2026
The agreement was signed by GSA Administrator Edward C. Forst and Finance Minister Muhammad Aurangzeb, and witnessed by Prime Minister Sharif and Special Envoy Witkoff.
According to the finance ministry, the pact establishes a structured, time-bound framework for joint evaluation of technical, commercial and economic parameters. Officials described it as a reflection of both governments’ commitment to transparency, regulatory clarity and disciplined execution.
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Islamabad hopes the enhanced institutional coordination will reduce execution risks, streamline regulatory processes and ultimately maximize the transaction value of the prized asset.
The Roosevelt Hotel has remained closed since 2020 following years of financial losses. Once a vibrant hub of political and social life in New York, the hotel was acquired by PIA in 2000. Its revival now represents not only a commercial opportunity but also a symbolic reset in economic cooperation between Washington and Islamabad.
Huma Nisar is Associate Editor at Views and News. She also writes opinion articles on health, society and diet.
