The governments of Pakistan and the United States have signed a Memorandum of Understanding (MoU) to cooperate on the operation, renovation, and potential redevelopment of the Roosevelt Hotel in New York. The initiative is part of a strategic economic collaboration aimed at enhancing cross-border investment and infrastructure management.
The MoU, executed by Edward C. Forst on behalf of the United States and Muhammad Aurangzeb for Pakistan, establishes a structured framework for joint assessment of technical, commercial, and economic aspects of the hotel project. The signing ceremony was witnessed by Prime Minister Shehbaz Sharif and special envoy Steve Witkoff.
The partnership also involves coordination with the US General Services Administration and emphasizes transparency, regulatory clarity, and value maximization. The Roosevelt Hotel’s prime Manhattan location, combined with the complex zoning and municipal regulations in New York, makes institutional coordination a key factor in reducing execution risks.
Officials noted that the initiative aligns with Pakistan’s privatization strategy, unlocking the asset’s potential while strengthening economic ties with the United States. The redevelopment project is expected to serve as a model for future cross-border real estate and infrastructure collaborations.