JLL withdraws from Roosevelt Hotel privatisation assignment

July 25, 2025 (MLN): The Privatisation Commission of Pakistan has disclosed that Jones Lang LaSalle (JLL), a leading global real estate services firm, acting as Financial Advisor for the privatisation of the Roosevelt Hotel, has resigned from the assignment.

JLL formally conveyed its decision to step down due to the emergence of a potential conflict of interest.

In its correspondence, JLL has offered to return all amounts received from the Privatisation Commission during 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 analyzing a range of transaction structure options in line with international best practices and market dynamics.

JLL has cited heightened interest in the Roosevelt Hotel from many of its own clients, following the cancellation of its lease agreement with New York City, as the reason for their decision to withdraw from the assignment.

This, according to JLL, has placed them in a compromising position, leading to their decision to resign in order to avoid any perceived or actual conflict of interest, as per the press release.

The Privatisation Commission, recognising the significance of this development for the transaction, is initiating the process of hiring a new Financial Advisor on a fast-track basis.

This is to ensure that the privatisation process of the 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 the Roosevelt Hotel expeditiously, in accordance with all applicable legal requirements.

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