NEW YORK: Pakistan has agreed to work with the United States on the redevelopment of the Roosevelt Hotel in Manhattan, a historic property owned by Pakistan International Airlines Investment Limited (PIAIL).
Officials said the understanding was reached during discussions between Pakistani representatives and US authorities as part of efforts to revive the property and improve its commercial value.
The hotel, located in Midtown Manhattan, has remained closed since the COVID-19 pandemic and was previously used temporarily by New York City authorities to accommodate migrants under an emergency housing arrangement.
According to officials familiar with the matter, the redevelopment plan aims to transform the site into a modern mixed-use facility while preserving its historic character. The project is expected to be implemented in phases after financial and structural assessments.
Pakistani authorities said the initiative is intended to generate long-term revenue from the overseas asset and support restructuring efforts related to the national airline’s liabilities.
Further technical details, including investment structure and timeline, are expected to be finalized after feasibility and regulatory reviews by both sides.
