Pakistan has drawn bids from seven heavyweight consortia — including Citigroup, CBRE, Morgan Stanley and Cushman & Wakefield — to advise on the privatization of its storied Roosevelt Hotel in New York.
The technical bids, opened this week by the Privatization Commission, put some of the world’s biggest names in finance and real estate into competition for a mandate on one of Pakistan International Airlines’ most prized foreign assets. Other contenders include Greysteel, Alvarez & Marsal, Newmark, Savills and Ankura, with heavyweight law firms such as Baker McKenzie, Kirkland & Ellis, and Hogan Lovells rounding out the groups.
The mandate will be pivotal in steering the government’s chosen joint venture model, cleared by the Cabinet Committee on Privatization in July, which seeks to unlock long-term value while shielding the state from future fiscal risks.
The process follows the surprise exit of Jones Lang LaSalle (JLL) in July, which withdrew over conflicts of interest after some of its own clients expressed interest in the property. Before stepping down, JLL had laid out three options for the Roosevelt — an outright sale, a 99-year lease, or a joint venture, with the government opting for the latter.