Privatisation Commission to Appoint New Financial Advisor for Roosevelt Hotel

ISLAMABAD: Jones Lang LaSalle (JLL), a prominent global real estate services company, has formally declared its decision to withdraw as the financial advisor for the Roosevelt Hotel privatisation. The Privatisation Commission has acknowledged JLL’s resignation, which was attributed to a potential conflict of interest.

JLL communicated its willingness to return all funds received from the Privatisation Commission during their engagement.

Appointed in January 2024 through a competitive selection process, JLL was tasked with advising the Government of Pakistan on the Roosevelt Hotel transaction in New York. During their engagement, JLL performed due diligence on the property and provided reports detailing various transaction structure options in accordance with global best practices and market conditions.

JLL cited increased interest in the Roosevelt Hotel from its clientele following the termination of its lease agreement with New York City. This situation, according to JLL, presented a compromising position, leading to their resignation to prevent any perceived or actual conflict of interest.

The Privatisation Commission recognizes the importance of this development and is expediting the recruitment of a new financial advisor. This action aims to ensure a transparent and competitive privatisation process for the Roosevelt Hotel, building on the groundwork already established.

The Government of Pakistan and the Privatisation Commission reaffirm their commitment to concluding the privatisation of the Roosevelt Hotel promptly, adhering to all relevant legal obligations.