ISLAMABAD: The Privatisation Commission announces that Jones Lang LaSalle (JLL), a leading global real estate services firm, acting as financial adviser for privatisation of Roosevelt Hotel, has formally conveyed its decision to resign from the assignment owing to the emergence of a potential conflict of interest.
In its correspondence, JLL has offered to return all amounts received from Privatisation Commission during the course of 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 analysing a range of transaction structure options in line with international best practices and market dynamics.
JLL has cited heightened interest in Roosevelt Hotel from many of its own clients, post cancellation of its lease agreement with NY City, as the reason for their decision to withdraw from the assignment. This, JLL says, has put them in a compromising position; therefore, they have decided to resign in order to avoid any perceived or actual conflict of interest.
The Privatisation Commission, recognising the significance of this development for the transaction, is initiating the process of hiring a new financial adviser on fast track basis, to ensure that the process for privatisation of 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 Roosevelt Hotel expeditiously, in accordance with all applicable legal requirements.
Copyright Business Recorder, 2025
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