Pakistan received seven bids from major international teams for the Roosevelt Hotel in New York, which belongs to Pakistan International Airlines (PIA).
The Privatisation Commission shared that the bids that came in this week include prominent names in finance and real estate, such as Citigroup, CBRE, and Morgan Stanley. Each group brings skills that could help Pakistan get the best deal. They come from Wall Street stars and global companies with strong histories in big property sales.
One team has Greysteel, B6 Real Estate Advisors, and Kirkland & Ellis LLP. They focus on real estate tips with solid legal help. Another brings together CBRE, Morgan Stanley, Paul Hastings, and Goldman Harris LLC. This group uses property know-how and banking skills.
A third team includes Ankura, Bank of Punjab, Baker McKenzie, and Orr, Dignam & Co. They offer advice on resolving financial issues, local bank perspectives, and global legal support. Then there’s Savills with MACRO a part of Savills plus Citrin Cooperman & Co LLP, Hogan Lovells, and Mohsin Tayebaly & Co. This team excels in hotel valuations, financial analysis, and regulatory advice.
Alvarez & Marsal Private Equity Performance Improvement Group LLC works with Proskauer and FGE Ebrahim Hosain, or FGE-EH. They aim to make private deals work better. Citibank joins Cushman & Wakefield, Proskauer Rose LLC, and HaiderMota & Co for strong banking and shop space ideas. The last team features Newmark, Herbert Smith Freehills, Kramer (US) LLP, and Peregrinvest LLC. They stress sales help and cross-country legal aid.
Read: Pakistan Approves Joint Venture for Roosevelt Hotel Privatization
Things sped up when Jones Lang LaSalle, or JLL, quit as adviser in late July 2025. JLL had to step back because some of its clients wanted to buy the hotel. That created a problem. Before leaving, JLL suggested three ideas: sell the whole thing, team up with a partner, or rent it for 99 years.
On July 8, the top government group on sales, the Cabinet Committee on Privatisation, or CCOP, picked the team-up idea, called a joint venture. Experts like this choice. It can bring in steady money over time, give ways to back out if needed, and keep money risks low. It matches what works well around the world.
