Global real estate giant quits advisory role in Pakistan’s Roosevelt Hotel privatization

Migrants wait for a ride, with their belongings, in front of the Roosevelt Hotel in New York on February 25, 2025. (AP/File)
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Updated 24 July 2025
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Global real estate giant quits advisory role in Pakistan’s Roosevelt Hotel privatization

  • Jones Lang LaSalle steps down over conflict of interest as Pakistan seeks to sell stake in NYC hotel
  • Privatization of iconic hotel is part of IMF-backed reform push to offload loss-making state assets

ISLAMABAD: Global real estate firm Jones Lang LaSalle (JLL) has stepped down from its role as financial adviser for the privatization of Pakistan’s Roosevelt Hotel in New York, citing a conflict of interest due to client interest in the property, the government said on Thursday.

Pakistan plans to sell a minority stake in the century-old Manhattan hotel and is seeking a redevelopment partner as part of a broader effort to offload loss-making state-owned assets under a $7 billion agreement with the International Monetary Fund (IMF). The Roosevelt Hotel, viewed as one of Pakistan’s most valuable foreign holdings, was closed in 2020 and has since operated intermittently, including as a migrant shelter.

JLL was appointed in January last year to advise the government on the potential sale transaction of the Roosevelt Hotel, the privatization ministry said in a statement.

“The Privatization Commission of Pakistan announces that Jones Lang LaSalle (JLL), a leading global real estate services firm, acting as Financial Adviser for privatization of Roosevelt Hotel, has formally conveyed its decision to resign from the assignment owing to the emergence of a potential conflict of interest,” the ministry said.

It added that JLL had conducted due diligence on the hotel and submitted due diligence and transaction structure reports, in which it analyzed a range of transaction structure options in line with international best practices and market dynamics.

The ministry said JLL has cited “heightened interest” in Roosevelt Hotel from many of its clients, post cancelation of its lease agreement with New York City, as the reason for the decision to withdraw from its role.

“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 ministry explained.

The statement said Pakistan’s Privatization Commission is initiating the process to hire a new financial adviser on a fast-track basis to ensure that the process for Roosevelt Hotel’s privatization is carried forward in a “transparent and competitive manner.”

“The Government of Pakistan and the Privatization Commission remain fully committed to conclude the ongoing privatization of Roosevelt Hotel expeditiously, in accordance with all applicable legal requirements,” the statement concluded.

The Roosevelt Hotel has long been one of Pakistan’s most prominent but politically sensitive overseas assets. Acquired by the Pakistan International Airlines Investment Limited (PIAIL) in 1979, the hotel occupies a full city block on Madison Avenue and 45th Street.

Over the past two decades, successive Pakistani governments have floated plans to sell, lease, or redevelop the property, but no proposal has advanced beyond early-stage planning.


Pakistan beefs up security in Karachi, Islamabad and Skardu as Khamenei protests kill 24

Updated 48 min 42 sec ago
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Pakistan beefs up security in Karachi, Islamabad and Skardu as Khamenei protests kill 24

  • At least 14 killed in northern Gilgit-Baltistan region, 10 in Karachi during Sunday’s clashes between protesters, law enforcers
  • Police close off roads leading to key government buildings in Islamabad, US consulate in Karachi with army deployed in Skardu

ISLAMABAD/GILGIT: Authorities beefed up security by deploying additional police contingents and sealing off most roads leading to government buildings in Islamabad, Karachi and Skardu on Monday after violent protests in the aftermath of Iranian Supreme Leader Ayatollah Ali Khamenei’s killing led to the deaths of at least 24 people in Pakistan. 

At least 10 people were killed and 73 others sustained injuries on Sunday in clashes with law enforcement outside the US consulate in Karachi. Hundreds of protesters had gathered outside the consulate, with videos showing angry crowds armed with sticks as they smashed doors and windows.

In Islamabad, protesters entered the Red Zone which houses key government and diplomatic offices in the capital, prompting authorities to fire tear gas to disperse them. Similarly, people gathered outside the press club in the northwestern city of Peshawar to protest Khamenei’s killing as well.

Skardu in Pakistan’s northern Gilgit-Baltistan (GB) region saw violent clashes on Sunday as well, as protesters set fire to and vandalized several buildings, including United Nations (UN) regional offices. Clashes with law enforcers caused the deaths of at least 14 people in the region, among them a soldier, a senior official told Arab News.

“Seven protesters were killed in Gilgit and seven in Skardu,” GB Caretaker Information Minister Ghulam Abbas confirmed. “One was soldier martyred in Skardu while the injured there were around 50.”

Police and Paramilitary vehicles stand outside the U.S. Consulate General, a day after a protest following news of U.S. and Israeli strikes on Iran that killed Supreme Leader Ayatollah Ali Khamenei, in Karachi, Pakistan, March 2, 2026. (Reuters)

The minister said the station house officer and deputy superintendent of police in Skardu were also injured, along with two soldiers, while 10 properties were damaged in the clashes. He said police have registered complaints against the culprits for the violence. 

“Schools are closed on Monday and courts’ activities will also be closed,” Abbas said. “A curfew has also been imposed for three days initially in Skardu and Gilgit cities from Mar. 2 to Mar. 4.”

The flare-up also prompted authorities to call in the army in Skardu under Article 245 of the Pakistani constitution, state media reported on Sunday.

Meanwhile, Islamabad Traffic Police said entry into the Red Zone area will remain open for people only through the Margalla Road and another route through Marriott Hotel.

“All other entry points leading toward the Red Zone will remain closed,” it said in its advisory. 

People ride past shipping containers on a road leading to the U.S. Consulate General, a day after a protest following news of U.S. and Israeli strikes on Iran that killed Supreme Leader Ayatollah Ali Khamenei, in Karachi, Pakistan, March 2, 2026. (Reuters)

A spokesperson for the Karachi Traffic Police said in a press release that the MT Khan Road, from PIDC road to the Mai Kolachi Road railway crossing, will remain closed on Monday for general traffic due to security reasons.

The US consulate, which was the scene of clashes between protesters and police, is located on Mai Kolachi Road near MT Khan and PIDC. 

“The general public is requested to cooperate with law enforcement agencies and traffic police to avoid inconvenience and difficulties,” the Karachi Traffic Police spokesperson said. 

 

 

MIDDLE EAST TENSIONS

The violence on Sunday came hours after Iranian authorities confirmed Khamenei was killed in coordinated strikes carried out by the US and Israel, dramatically escalating tensions in the Middle East and triggering protests in several countries.

According to US officials, the operation targeted Revolutionary Guard command facilities, air defense systems, missile and drone launch sites, and military airfields. The US military said it suffered no casualties and reported minimal damage to its bases despite what it described as “hundreds of Iranian missile and drone attacks.”

Iran retaliated by launching missiles and drones toward Israel and targeting US military installations in Bahrain, Kuwait, Qatar and the UAE. The Emirati government said its air defense systems intercepted dozens of Iranian missiles and drones, but debris from the interceptions caused material damage in Abu Dhabi and Dubai, and at least one civilian, a Pakistani national, was killed. It issued rare emergency alerts urging residents to seek shelter, underscoring how the conflict has rippled far beyond Iran’s borders.

The Israeli military said dozens of Iranian missiles were fired toward Israeli territory, many of which were intercepted. Israel’s Magen David Adom rescue service said a woman in the Tel Aviv area died after being wounded in a missile strike.