Latest news with #RooseveltHotel
Business Recorder
6 days ago
- Business
- Business Recorder
JLL exits advisory role in Roosevelt Hotel sell-off
ISLAMABAD: The Privatisation Commission announces that Jones Lang LaSalle (JLL), a leading global real estate services firm, acting as financial adviser for privatisation of Roosevelt Hotel, has formally conveyed its decision to resign from the assignment owing to the emergence of a potential conflict of interest. In its correspondence, JLL has offered to return all amounts received from Privatisation Commission during the course of its engagement. JLL was appointed in January 2024 through a competitive process to advise the Government of Pakistan on the potential transaction of the Roosevelt Hotel, New York. Over the course of its engagement, JLL conducted due diligence on the property and submitted due diligence and transaction structure reports analysing a range of transaction structure options in line with international best practices and market dynamics. JLL has cited heightened interest in Roosevelt Hotel from many of its own clients, post cancellation of its lease agreement with NY City, as the reason for their decision to withdraw from the assignment. This, JLL says, has put them in a compromising position; therefore, they have decided to resign in order to avoid any perceived or actual conflict of interest. The Privatisation Commission, recognising the significance of this development for the transaction, is initiating the process of hiring a new financial adviser on fast track basis, to ensure that the process for privatisation of Roosevelt Hotel is carried forward in a transparent and competitive manner, while building on the preparatory work already completed with respect to the transaction. The Government of Pakistan and the Privatisation Commission remain fully committed to conclude the ongoing privatisation of Roosevelt Hotel expeditiously, in accordance with all applicable legal requirements. Copyright Business Recorder, 2025
Arab News
6 days ago
- Business
- Arab News
Global real estate giant quits advisory role in Pakistan's Roosevelt Hotel privatization
ISLAMABAD: Global real estate firm Jones Lang LaSalle (JLL) has stepped down from its role as financial adviser for the privatization of Pakistan's Roosevelt Hotel in New York, citing a conflict of interest due to client interest in the property, the government said on Thursday. Pakistan plans to sell a minority stake in the century-old Manhattan hotel and is seeking a redevelopment partner as part of a broader effort to offload loss-making state-owned assets under a $7 billion agreement with the International Monetary Fund (IMF). The Roosevelt Hotel, viewed as one of Pakistan's most valuable foreign holdings, was closed in 2020 and has since operated intermittently, including as a migrant shelter. JLL was appointed in January last year to advise the government on the potential sale transaction of the Roosevelt Hotel, the privatization ministry said in a statement. 'The Privatization Commission of Pakistan announces that Jones Lang LaSalle (JLL), a leading global real estate services firm, acting as Financial Adviser for privatization of Roosevelt Hotel, has formally conveyed its decision to resign from the assignment owing to the emergence of a potential conflict of interest,' the ministry said. It added that JLL had conducted due diligence on the hotel and submitted due diligence and transaction structure reports, in which it analyzed a range of transaction structure options in line with international best practices and market dynamics. The ministry said JLL has cited 'heightened interest' in Roosevelt Hotel from many of its clients, post cancelation of its lease agreement with New York City, as the reason for the decision to withdraw from its role. 'This, JLL says, has put them in a compromising position, therefore they have decided to resign in order to avoid any perceived or actual conflict of interest,' the ministry explained. The statement said Pakistan's Privatization Commission is initiating the process to hire a new financial adviser on a fast-track basis to ensure that the process for Roosevelt Hotel's privatization is carried forward in a 'transparent and competitive manner.' 'The Government of Pakistan and the Privatization Commission remain fully committed to conclude the ongoing privatization of Roosevelt Hotel expeditiously, in accordance with all applicable legal requirements,' the statement concluded. The Roosevelt Hotel has long been one of Pakistan's most prominent but politically sensitive overseas assets. Acquired by the Pakistan International Airlines Investment Limited (PIAIL) in 1979, the hotel occupies a full city block on Madison Avenue and 45th Street. Over the past two decades, successive Pakistani governments have floated plans to sell, lease, or redevelop the property, but no proposal has advanced beyond early-stage planning.
Yahoo
6 days ago
- Business
- Yahoo
Jones Lang LaSalle exits advisory role in sale of New York's Roosevelt Hotel
By Ariba Shahid KARACHI, Pakistan (Reuters) -Global real estate firm Jones Lang LaSalle (JLL) has quit its role as financial adviser on the partial sale of the Roosevelt Hotel in New York City, which is owned by Pakistan International Airlines, to avoid client conflict of interest, Pakistan said on Thursday. Pakistan is selling a minority stake in the hotel and looking for a redevelopment partner as it disposes of certain state assets under a privatisation programme agreed under a $7 billion IMF-backed reform plan. "The heightened interest in Roosevelt Hotel from many of JLL's own clients, post cancellation of its lease agreement with NYC, has put them in a compromising position,' Pakistan's Privatization Commission said in a statement, adding the firm resigned to avoid any 'perceived or actual' conflict of interest. JLL's exit will not derail the stake sale and a new adviser will be hired "on a fast track basis", the Commission said. Earlier this month, a senior official told Reuters that Pakistan is eyeing at least a $1 billion valuation and is ready to part with a minority stake in the property as it scouts for a redevelopment partner. The Roosevelt Hotel, a century-old property named after former U.S. President Theodore Roosevelt near New York's Grand Central Station, is one of Pakistan's top foreign assets. It is up for sale alongside power distribution companies in Pakistan and other state firms including PIA. The hotel was shut in 2020 due to losses and later leased to New York City as a migrant shelter. That lease ended earlier this year, and the property now sits vacant. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
CNA
6 days ago
- Business
- CNA
Jones Lang LaSalle exits advisory role in sale of New York's Roosevelt Hotel
KARACHI, Pakistan :Global real estate firm Jones Lang LaSalle (JLL) has quit its role as financial adviser on the partial sale of the Roosevelt Hotel in New York City, which is owned by Pakistan International Airlines, to avoid client conflict of interest, Pakistan said on Thursday. Pakistan is selling a minority stake in the hotel and looking for a redevelopment partner as it disposes of certain state assets under a privatisation programme agreed under a $7 billion IMF-backed reform plan. "The heightened interest in Roosevelt Hotel from many of JLL's own clients, post cancellation of its lease agreement with NYC, has put them in a compromising position,' Pakistan's Privatization Commission said in a statement, adding the firm resigned to avoid any 'perceived or actual' conflict of interest. JLL's exit will not derail the stake sale and a new adviser will be hired "on a fast track basis", the Commission said. Earlier this month, a senior official told Reuters that Pakistan is eyeing at least a $1 billion valuation and is ready to part with a minority stake in the property as it scouts for a redevelopment partner. The Roosevelt Hotel, a century-old property named after former U.S. President Theodore Roosevelt near New York's Grand Central Station, is one of Pakistan's top foreign assets. It is up for sale alongside power distribution companies in Pakistan and other state firms including PIA. The hotel was shut in 2020 due to losses and later leased to New York City as a migrant shelter. That lease ended earlier this year, and the property now sits vacant.
Yahoo
6 days ago
- Business
- Yahoo
Jones Lang LaSalle exits advisory role in sale of New York's Roosevelt Hotel
By Ariba Shahid KARACHI, Pakistan (Reuters) -Global real estate firm Jones Lang LaSalle (JLL) has quit its role as financial adviser on the partial sale of the Roosevelt Hotel in New York City, which is owned by Pakistan International Airlines, to avoid client conflict of interest, Pakistan said on Thursday. Pakistan is selling a minority stake in the hotel and looking for a redevelopment partner as it disposes of certain state assets under a privatisation programme agreed under a $7 billion IMF-backed reform plan. "The heightened interest in Roosevelt Hotel from many of JLL's own clients, post cancellation of its lease agreement with NYC, has put them in a compromising position,' Pakistan's Privatization Commission said in a statement, adding the firm resigned to avoid any 'perceived or actual' conflict of interest. JLL's exit will not derail the stake sale and a new adviser will be hired "on a fast track basis", the Commission said. Earlier this month, a senior official told Reuters that Pakistan is eyeing at least a $1 billion valuation and is ready to part with a minority stake in the property as it scouts for a redevelopment partner. The Roosevelt Hotel, a century-old property named after former U.S. President Theodore Roosevelt near New York's Grand Central Station, is one of Pakistan's top foreign assets. It is up for sale alongside power distribution companies in Pakistan and other state firms including PIA. The hotel was shut in 2020 due to losses and later leased to New York City as a migrant shelter. That lease ended earlier this year, and the property now sits vacant. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
