- Pakistan gets seven bids for Roosevelt Hotel adviser.
- Citi, CBRE, Morgan Stanley in race for advisory role.
- JLL quits role in July over conflict of interest.
Pakistan has received seven technical bids from international consortia to serve as financial adviser for the privatisation of the Roosevelt Hotel in New York, The News reported on Friday.
The bids, opened this week, include proposals from leading financial institutions and global real estate firms such as Citigroup, CBRE, and Morgan Stanley, officials at the Privatisation Commission told The News.
The Roosevelt, located in Manhattan, is considered one of Pakistan International Airlines’ (PIA) most valuable overseas assets and has been the subject of prolonged debate over whether to sell, lease, or redevelop the property.
The seven consortia that submitted proposals feature a mix of Wall Street heavyweights, global real estate firms, and top-tier law practices. They consortia include: Greysteel, B6 Real Estate Advisors, Kirkland & Ellis LLP; CBRE, Morgan Stanley, Paul Hastings, Goldman Harris LLC; Ankura, Bank of Punjab, Baker McKenzie, Orr, Dignam & Co; Savills, MACRO (a Savills company), Cirtin Cooperman & Co LLP, Hogan Lovells, Mohsin Tayebaly & Co; Alvarez & Marsal Private Equity Performance Improvement Group LLC, Proskauer, FGE Ebrahim Hosain (FGE-EH); Citi Bank, Cushman & Wakefield, Proskauer Rose LLC, HaiderMota & Co; and Newmark, Herbert Smith Freehills Kramer (US) LLP, and Peregrinvest LLC.
Officials said a legally compliant bidder must be announced within 30 days of bid opening under the Pakistan Procurement Regulatory Authority (PPRA) rules.
The process gained urgency after Jones Lang LaSalle (JLL), previously appointed as adviser, abruptly resigned in late July 2025 due to a conflict of interest when some of its own clients expressed interest in the Roosevelt.
JLL had earlier proposed three options for the hotel — an outright sale, a joint venture, or a 99-year lease.
On July 8, the Cabinet Committee on Privatisation (CCOP) approved a joint venture (J/V) model, which officials say offers the best chance to maximise long-term value, ensure multiple exit strategies, and minimise fiscal exposure.
The government hopes that by securing a top-tier global adviser, it can finally resolve the long-running uncertainty surrounding the Roosevelt, a property seen both as a valuable state asset and a financial liability.
