Pakistan gets 7 global bids to advise on Roosevelt Hotel privatisation

ISLAMABAD: Pakistan has received seven technical bids from international consortia — including financial giants Citigroup, CBRE and Morgan Stanley — to serve as financial adviser for the privatization of the iconic Roosevelt Hotel in New York, officials at the Privatization Commission told The News Thursday.

The bids, opened this week, mark a critical step in charting the future of one of Pakistan International Airlines’ (PIA) most prized foreign assets. The Roosevelt, located in Manhattan, has long been at the center of debate over whether to sell, lease, or redevelop it.

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 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 Privatization (CCOP) approved a joint venture (J/V) model, which officials say offers the best chance to maximize long-term value, ensure multiple exit strategies, and minimize fiscal exposure.