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Saturday February 24, 2024

Roosevelt Hotel privatization: JLL-led consortium approved as financial adviser

Privatisation Commission Board has okayed the consortium led by Jones Lang LaSalle Americas Inc (JLL) as financial adviser for the privatisation and joint venture development of the Roosevelt Hotel in New York, USA

By Our Correspondent
December 02, 2023
The view outside the iconic Roosevelt Hotel in New York. — The Roosevelt Hotel/Gallery
The view outside the iconic Roosevelt Hotel in New York. — The Roosevelt Hotel/Gallery

ISLAMABAD: The Privatisation Commission Board has okayed the consortium led by Jones Lang LaSalle Americas Inc (JLL) as financial adviser for the privatisation and joint venture development of the Roosevelt Hotel in New York, USA.

Four interested parties submitted proposals, with the consortium led by Jones Lang LaSalle Americas Inc (JLL) declared as the “Top Ranked Interested Party”. The board formed a negotiating committee to conclude the financial services agreement with the top-ranked bidder.

The board that met here with Federal Minister for Privatisation Fawad Hasan Fawad in the chair took this decision.

The board also recommended the delisting of Nandipur Power Plant (NPP) and Guddu Power Plant (GPP) from the privatisation programme list.

It also approved a transaction committee for overseeing the implementation of the financial services agreement (FASA) for the divestment of PIACL. Discussions also centered on post-privatization issues of Pak-China Fertilizers Limited.

The advertisement inviting technical and financial proposals for the Roosevelt Hotel transaction was published on September 8, 2023.

The Board was briefed on the recently-concluded financial services agreement with Ernest & Young LLC, Dubai-led consortium for the divestment of PIACL. Approval was given for a transaction committee, headed by secretary of the Privatisation Commission, to oversee the implementation of FASA for PIACL divestment.

Addressing the longstanding issues, the Board recommended delisting of 425 MW Nandipur Power Plant and 747 MW Guddu Power Plant from the privatization program by the Cabinet Committee on Privatisation (CCoP).

In the light of issues and litigation regarding Pak China Fertilizers Limited, the Board directed the Privatisation Commission to actively pursue the speedy disposal of cases in various courts to recover the outstanding dues and to engage the services of an expert lawyer for this purpose.