JLL exit stalls Roosevelt Hotel privatization; timing sparks doubt
Pakistan’s plan to privatize the iconic Roosevelt Hotel in New York has been pushed back after financial advisor Jones Lang LaSalle Inc. (JLL) resigned, citing a conflict of interest because some of its clients are eyeing the deal.
The Privatization Commission said in a statement that JLL quit because of a conflict of interest, but the timing of the resignation raised questions. Some experts expressed skepticism, noting that Deputy Prime Minister Ishaq Dar, who chairs the Cabinet Committee on Privatization, is currently in the United States, and suggesting the government may be concealing details.
The government had planned to seek expressions of interest for the property next month, but will now restart the process of hiring a new advisor. The Privatization Commission board is set to meet soon to approve the fresh hiring, which will then be advertised globally.
JLL, hired in January 2024 for Rs2.1 billion ($7.5 million) with a success fee linked to sale proceeds, had already completed due diligence and submitted reports evaluating multiple transaction structures. Earlier July 2025, the Cabinet Committee on Privatization approved a joint venture model — one of three options proposed by JLL — favoring it over an outright sale or long-term lease to maximize long-term value and reduce fiscal exposure.
Officials said groundwork done by JLL will be used to speed up the appointment of a new advisor to keep the privatization process transparent and competitive.
The Roosevelt, a 1,015-room historic hotel in Midtown Manhattan, has been owned by Pakistan International Airlines Investment Ltd. since 1979.
