Pakistan receives seven bids for advisors on Roosevelt Hotel

The government of Pakistan has received bids from seven international consortia to serve as financial and legal advisors for the future of the historic Roosevelt Hotel in New York City, officials confirmed this week.

The bids mark a key step in the government’s ongoing efforts to determine the strategic direction of the hotel, which is owned by the Pakistan International Airlines Investment Limited (PIAIL), a subsidiary of the national carrier. The Roosevelt, located in Midtown Manhattan, has been closed since 2020 due to the COVID-19 pandemic.

The consortia bidding for the advisory role include prominent global real estate, finance, and law firms. The seven groups include:

1. 1. Consortium of Greysteel, B6 Real Estate Advisors, and Kirkland & Ellis LLP
2. 2. Consortium of CBRE, Morgan Stanley, Paul Hastings, and Goldman Harris LLC
3. 3. Consortium of Ankura; Bank of Punjab; Baker McKenzie; and Orr, Dignam & Co.
4. 4. Consortium of Savills, MACRO (a Savills company), Cirtin Cooperman & Company LLP, Hogan Lovells, and Mohsin Tayebaly & Co.
5. 5. A consortium of Alvarez & Marsal Private Equity Performance Improvement Group LLC, Proskauer, and FGE Ebrahim Hosain (FGE-EH)
6. 6. A consortium of Citibank, Cushman & Wakefield, Proskauer Rose LLP, and HaiderMota & Co.
7. 7. A consortium of Newmark, Herbert Smith Freehills Kramer (US) LLP, and Peregrinvest LLC

The authorities are expected to choose an adviser following a detailed evaluation process. Officials say the appointment of advisors will help provide clarity on how best to manage or repurpose the hotel in a way that protects national interests while unlocking commercial value.

A timeline for the final selection and advisory engagement has not yet been publicly announced.

Located at 45 East 45th Street in Manhattan, the Roosevelt Hotel opened in 1924 and was acquired by PIAIL in 1999. The 19-story building has been a high-profile international asset for Pakistan and a recurring subject in policy and privatization debates.

The government is seeking an advisor to assess potential options for the hotel’s development. Some options for its future include redevelopment, lease, or strategic partnership models.

The hotel was closed 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.

In July, Global real estate firm Jones Lang LaSalle (JLL) (JLL.N), had quit as financial adviser on the partial sale of the Roosevelt Hotel in New York City, to avoid a client’s conflict of interest.

"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 had said in a statement following the company’s decision.