Roosevelt Hotel | Pakistan

PPP stalwart and former Senate chairman Raza Rabbani on Friday said that the deal inked with the United States to redevelop the Roosevelt Hotel in New York “must be placed” in Parliament. In a press release, Rabbani said, “The strategic economic initiative, including collaboration with the US General Services Administration, regarding the operation, maintenance, renovation and redevelopment of the Roosevelt Hotel has been signed without taking the people into confidence.” Rabbani said the hotel was “prime property” in New York and dealings pertaining to it must be transparent. “Parliament should have been taken into confidence before signing such memoranda of understanding (MoUs),” he said. He further highlighted that earlier, a deal with the US relating to minerals in Balochistan was “broken by international media”. “Till date, the details of this deal have not been made public,” he said. Rabbani further said that the PPP should move a private members’ bill, wherein all foreign agreements, once signed, would...

ISLAMABAD - The Governments of Pakistan and the United States have formally launched a strategic economic initiative, including collaboration with the US General Services Administration (GSA) regarding the operation, maintenance, renovation, and redevelopment of the Roosevelt Hotel in New York.

The finance ministry said on Thursday that Pakistan and the United States had formally launched a strategic economic initiative, including collaboration regarding the operation, maintenance, renovation and redevelopment of the Roosevelt Hotel in New York. In a statement, the ministry said that the initiative would include collaboration with the US General Services Administration (GSA) for the redevelopment of the hotel. “This engagement was negotiated and stewarded by US Special Envoy Steve Witkoff under the leadership of President Donald J. Trump,” it said. “To advance this partnership, both governments have signed an MoU formalising their cooperation,” the ministry added. The statement said the MoU was signed by GSA Administrator Edward C Forst and Finance Minister Muhammad Aurangzeb, and was witnessed by Prime Minister Shehbaz Sharif and Witkoff. “It establishes a structured, time-bound framework for joint evaluation of the technical, commercial, and economic parameters of cooperation, reflecting a shared ...

Pakistan is considering options for the Roosevelt Hotel in New York City, including demolishing the building, as part of its efforts to meet commitments to the International Monetary Fund (IMF), US outlet Bloomberg reported on Saturday. Named after former US president Theodore Roosevelt, the century-old property in midtown Manhattan is seen as one of Pakistan’s most valuable foreign assets, which it acquired in 2000. Faced with mounting losses, the over 1,000-room hotel was shut in 2020, and has also operated briefly as a migrant shelter. As part of its $7 billion IMF loan agreement, the government approved a “transaction structure for the Roosevelt Hotel” in July, saying it would not conduct an outright sale but decided to adopt a joint venture model to maximise long-term value. Muhammad Ali, the adviser to the prime minister on privatisation, told Bloomberg that one of the options is to raze the storied landmark and build a skyscraper in its place. “The government is keen on a joint venture where Pakistan w...

Pakistan is seeking a valuation of at least $1 billion for the Roosevelt Hotel it owns in New York and is ready to part with a minority stake in the prime Manhattan property as it scouts for a redevelopment partner, a senior government official said. Named after former US President Theodore Roosevelt, the century-old property in midtown Manhattan is seen as one of Pakistan’s most valuable foreign assets, which it acquired in 2000. Faced with mounting losses, the over 1,000-room hotel was shut in 2020, and has also operated briefly as a migrant shelter. As part of its $7bn IMF-backed privatisation push, the government approved a “transaction structure for the Roosevelt Hotel” on Tuesday, saying it won’t do an outright sale but has decided to adopt a joint venture model to maximise long-term value. It gave no further details. The senior official said the government will retain ownership in the project through an equity partnership, but declined to disclose the size of the stake being offered to any potential JV...

The Cabinet Committee on Privatization (CCOP) has approved the proposed transaction structure for the iconic Roosevelt Hotel in New York, opting for a joint venture model as part of Pakistan International Airlines’ (PIA) ongoing privatization process.