Pakistan and the United States have signed a memorandum of understanding (MoU) to jointly redevelop the landmark Roosevelt Hotel in New York, marking a new phase in bilateral economic cooperation, according to officials.
Read More: Govt halts HBFC privatisation, reopens Roosevelt Hotel deal
Pakistan’s Ministry of Finance said in a post on X that both governments had launched a strategic initiative in collaboration with the U.S. General Services Administration (GSA) covering the hotel’s operation, maintenance, renovation, and long-term redevelopment.
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 ministry stated that US Special Envoy Steve Witkoff negotiated the engagement under the leadership of former president Donald Trump. The MoU was signed by GSA Administrator Edward C. Forst and Pakistan’s Federal Minister for Finance and Revenue Muhammad Aurangzeb, and witnessed by Prime Minister Shehbaz Sharif and Witkoff.
Pakistan has agreed with the United States to jointly redevelop the Roosevelt Hotel in New York, a property owned by Pakistan International Airlines (PIA), according to Reuters.
Reuters reported that the two countries have signed a fresh agreement under which they will cooperate… pic.twitter.com/jTQCFxSE4I
— TOLOnews English (@TOLONewsEnglish) February 20, 2026
Officials said the agreement establishes a structured, time-bound framework to assess the project’s technical, commercial, and economic feasibility, with the goal of reducing risks, improving regulatory clarity, and maximizing the property’s value. The initiative is aligned with Pakistan’s privatization strategy and aims to deepen economic ties with the United States.
Separately, Pakistan’s Privatisation Commission reviewed progress on major state-owned asset sales, including the Roosevelt Hotel and House Building Finance Company Limited (HBFC), during a January 10, 2026 meeting in Islamabad.
The board recommended terminating the ongoing negotiated sale of a 51 percent stake in HBFC after only one bidder, Pakistan Mortgage Refinance Company, offered Rs4.2 billion against an approved reference price of Rs13.55 billion.
Read More: Pakistan weighing demolishing Roosevelt Hotel to build skyscraper
Given the significant gap between valuation and bid, officials advised restarting HBFC’s privatization process from scratch. The review underscored the government’s broader push to restructure or divest state-owned enterprises while pursuing high-value redevelopment projects such as the Roosevelt Hotel in New York.