Major financial institutions, including Citigroup and Morgan Stanley, are in contention to guide the government in the potential privatization of the iconic Roosevelt Hotel.
The Roosevelt Hotel, one of Pakistan International Airlines (PIA)'s most valuable overseas assets, has been the subject of debate for some time, with questions over whether to sell, lease, or redevelop the property in Manhattan.
In a significant step towards resolving the long-running uncertainty surrounding the property, seven consortia have submitted proposals for the financial advisory role in the privatization of the Roosevelt Hotel. The consortia consist of Wall Street heavyweights, global real estate firms, and top-tier law practices.
Among the consortia that submitted proposals are CBRE, Morgan Stanley, 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, Greysteel, B6 Real Estate Advisors, Kirkland & Ellis LLP, Alvarez & Marsal Private Equity Performance Improvement Group LLC, Proskauer, and FGE Ebrahim Hosain (FGE-EH).
The Cabinet Committee on Privatisation (CCOP) approved a joint venture (J/V) model on July 8, which offers the best chance to maximise long-term value, ensure multiple exit strategies, and minimise fiscal exposure. The joint venture model was chosen as the preferred method for the privatization of the Roosevelt Hotel.
Prior to its resignation, Jones Lang LaSalle (JLL) proposed three options for the hotel - an outright sale, a joint venture, or a 99-year lease. However, JLL resigned as adviser for the Roosevelt Hotel privatization in late July 2025 due to a conflict of interest with some of its own clients expressing interest in the property.
The government aims to secure a top-tier global adviser to guide the privatization process. Once the legally compliant bidder for the financial advisory role is announced within 30 days of bid opening, as per the Pakistan Procurement Regulatory Authority (PPRA) rules, the chosen adviser will play a crucial role in determining the future of the Roosevelt Hotel.
The Roosevelt Hotel, owned by PIA, remains a valuable state asset and a financial liability. The decision made in the coming weeks will significantly impact Pakistan's economy and the future of the Roosevelt Hotel.
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