Seven bids received for PIA’s Roosevelt Hotel privatization
Pakistan has received seven bids from leading
international consortia for the privatization of the Roosevelt Hotel in New
York, a property owned by Pakistan International Airlines (PIA).
According to the Privatization Commission, the
bids feature major global names in finance, real estate, and law, including
Citigroup, CBRE, Morgan Stanley, and Paul Hastings.
One consortium combines Greysteel, B6 Real
Estate Advisors, and Kirkland & Ellis LLP, offering expertise in real
estate and legal advisory. Another brings together CBRE, Morgan Stanley, Paul
Hastings, and Goldman Harris LLC, with strengths in property valuation and
banking.
Read More US
terminates $220 million agreement for PIA’s Roosevelt Hotel
Additional teams include:
·
Ankura, Bank of Punjab, Baker McKenzie, and Orr, Dignam & Co.
– financial restructuring and legal support.
·
Savills, MACRO, Citrin Cooperman & Co., Hogan Lovells, and
Mohsin Tayebaly & Co. – hotel valuation, financial analysis, and
regulatory advisory.
·
Alvarez & Marsal with Proskauer and FGE Ebrahim Hosain
(FGE-EH).
·
Citibank with Cushman & Wakefield, Proskauer Rose, and
HaiderMota & Co.
·
Newmark, Herbert Smith Freehills, Kramer LLP (US), and
Peregrinvest LLC.
The privatization process gained momentum
after Jones Lang LaSalle (JLL) stepped down as financial adviser in July 2025,
citing conflicts of interest as some of its clients expressed interest in the
property. Before exiting, JLL recommended three options: an outright sale, a
joint venture, or a 99-year lease.
Read More PIA
not to sell New York’s Roosevelt Hotel
On July 8, the Cabinet Committee on Privatization (CCOP) approved the joint venture model. Officials say the arrangement would ensure steady returns, limit financial risks, and align with global best practices.
Source: PhotoNews