Pakistan is seeking to secure between $4 billion and $5 billion in joint investment to redevelop the Roosevelt Hotel in New York, as the government moves to appoint a financial adviser by early next month to structure the transaction.
Muhammad Ali, the prime minister’s adviser on privatization, said the selected adviser would design a redevelopment framework for the Manhattan property, one of Pakistan’s most valuable overseas assets.
The government intends to retain ownership of the hotel while bringing in an investor to arrange financing for reconstruction, he told reporters on the sidelines of the Pakistan Governance Forum in Islamabad on Wednesday.
“The objective is to generate long-term benefits for the country rather than sell the high-value asset outright,” Ali said, adding that the adviser would determine the optimal transaction structure. He did not comment on the timeline for financial close.
Responding to a question on the possibility of signing a memorandum of understanding with the administration of US President Donald Trump, Ali said discussions would depend on the structure proposed by the financial adviser.
The Roosevelt Hotel, owned by Pakistan International Airlines Investment Ltd., has been at the center of repeated efforts by Islamabad to monetize or redevelop the property as the country grapples with fiscal constraints and seeks to unlock value from state-owned assets.
Separately, Deputy Prime Minister and Foreign Minister Ishaq Dar said Pakistan is recalibrating its foreign policy engagement through “tailored cooperation” with key partners. He said ties with China have deepened under the second phase of the China-Pakistan Economic Corridor, while relations with the US are being reinvigorated in areas including trade, technology and investment.
Dar also said Pakistan is engaging Washington and Tehran to help defuse rising tensions between the US and Iran. He said he has held multiple conversations in recent months with US Secretary of State Marco Rubio and Iran’s foreign minister, advocating diplomacy and dialogue to avoid escalation.
At the same forum, Planning Minister Ahsan Iqbal said Pakistan faces a strategic choice between reaching a $600 billion economy by 2035 under its current growth trajectory or accelerating reforms to achieve a $1 trillion economy over the same period. He said stronger governance and policy continuity would determine whether the higher target can be met.
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