The Privatization Commission of Pakistan has received bids from seven consortiums to serve as financial advisors for the sale of the state-owned Roosevelt Hotel in New York.
A Privatization Commission spokesperson said the technical evaluation of bids will be completed within 10 days. The submissions, opened publicly earlier today, drew interest from major global and local firms.
Key contenders include a Citigroup-led consortium with Cushman & Wakefield and Proskauer Rose; a CBRE-led group partnered with Morgan Stanley; and an Ankura-led team featuring Pakistan’s Bank of Punjab and Baker McKenzie.
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The advisory appointment marks a critical step in the government’s plan to sell the historic property and pursue a joint venture for its mixed-use redevelopment. The move is part of a wider divestment strategy that also includes the planned sale of a stake in Pakistan International Airlines.
