Real estate companyJones Lang LaSalle (JLL) has withdrawn from its role as the financial advisor for the partial divestment of New York City’s Roosevelt Hotel, currently owned by Pakistan International Airlines.
A statement from the Pakistan Privatisation Commission was quoted by Reuters as saying: “The heightened interest in Roosevelt Hotel from many of JLL’s own clients, post cancellation of its lease agreement with NYC, has put them in a compromising position.”
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The commission added that JLL has resigned “to avoid any perceived or actual conflict of interest”.
The Pakistani Government is in the process of selling a minority share and seeking a redevelopment partner for the hotel.
As part of its privatisation efforts, which align with a $7bn reform strategy supported by the International Monetary Fund (IMF), the government approved a “transaction structure for the Roosevelt Hotel”.
Despite JLL’s departure, the sale process will continue, with plans to appoint a new advisor “on a fast-track basis”, according to the commission.
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By GlobalDataA senior official recently told Reuters that Pakistan aims for a valuation of at least $1bn for the Roosevelt Hotel and is willing to sell a minority stake.
The historic property, named after former US President Theodore Roosevelt and located near Grand Central Station, ranks among Pakistan’s most significant overseas assets.
The sale of the hotel is part of a broader initiative that includes offloading power distribution companies within Pakistan and other state-owned enterprises.
The property ceased operations in 2020 due to financial difficulties and was temporarily repurposed as a migrant shelter under lease to New York City. This lease concluded earlier in the year, leaving the building currently unoccupied.
