Citigroup, CBRE among bidders for Roosevelt Hotel financial advisory role

September 18, 2025 (MLN): The Privatisation Commission, the asset sale agency for the government of Pakistan, has received bids from seven different groups vying for the role of financial advisor for the sale of the state-owned Roosevelt Hotel in New York, according to a report by Bloomberg. 

According to Ahsan Ishaq, a spokesperson for the commission, a technical evaluation of the bids is expected to be completed within 10 days.

The bids, which were opened for the public earlier today, highlight significant interest from a number of international and local financial powerhouses. 

A Citigroup-led consortium, which includes Cushman & Wakefield and Proskauer Rose, is a key contender. Another prominent bidder is the CBRE-led consortium, which counts Morgan Stanley as a partner.

Additionally, an Ankura-led group, comprising Pakistan's Bank of Punjab and Baker McKenzie, is also in the running, Bloomberg reported. 

The advisory role is a crucial part of the government’s plan for the historic property.

The ultimate goal is to sell the hotel and undertake a joint venture project for its mixed-use development, a detail that was confirmed in a statement by the agency on August 1st.

This bidding process is part of a broader divestment strategy by the Pakistani government, which also includes the proposed sale of a stake in its national airline.

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