🏨 Why JLL Resigned from the Deal
According to officials, JLL withdrew due to potential conflicts with its own client base, many of whom have recently shown strong interest in the hotel following the termination of its lease with New York City. The hotel is currently vacant.
“JLL found itself in a sensitive position, with increased interest in the Roosevelt Hotel coming from its own clients,” said the Privatization Commission. “The firm stepped down to avoid any perceived or actual conflict of interest.”
🔄 Privatization Process to Move Ahead Without Delay
Despite JLL’s departure, the stake sale process remains on track, and Pakistan’s government has confirmed that it will appoint a new financial adviser immediately to continue the privatization effort.
“We are moving quickly to hire a new adviser on a fast-track basis,” said the Commission, reaffirming its commitment to proceed without disruption.
💼 Roosevelt Hotel’s Strategic Importance
The iconic Roosevelt Hotel, located in midtown Manhattan, holds significant commercial value. Pakistan is planning to:
- Sell a minority stake
- Partner with a developer for redevelopment
- Target a valuation of at least $1 billion
Earlier this month, a senior government official told Reuters that the property presents a major investment opportunity and that the government is open to foreign or local redevelopment partnerships.
📊 Key Developments at a Glance
| Event | Details |
|---|---|
| Adviser Exit | JLL resigns due to potential client conflicts |
| Ownership | Pakistan International Airlines (PIA) |
| Hotel Status | Lease with NYC ended; currently vacant |
| Planned Sale | Minority stake with redevelopment partner sought |
| Estimated Value | At least $1 billion |
| Next Step | New financial adviser to be appointed rapidly |
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