Seven firms, including Citigroup, bid to advise Pakistan on Roosevelt Hotel privatization

The entrance of the Roosevelt Hotel, a historic luxury hotel in Midtown Manhattan, is seen in New York on October 12, 2020. (AFP/File)
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Updated 18 September 2025
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Seven firms, including Citigroup, bid to advise Pakistan on Roosevelt Hotel privatization

  • Technical bids opened on Sept. 16, winner to be named within 30 days under PPRA rules
  • Privatization of century-old Manhattan hotel part of IMF-backed plan to offload state assets

KARACHI: Citigroup is among seven international consortia that have submitted bids to advise Pakistan on the privatization of the Roosevelt Hotel in New York, a privatization commission official with direct knowledge of the issue told Arab News on Thursday.

The Roosevelt Hotel, a century-old Manhattan property owned by Pakistan International Airlines through its investment arm, is considered one of Pakistan’s most valuable foreign assets. 

Islamabad is pursuing a joint venture model rather than an outright sale, seeking a redevelopment partner to maximize long-term value as part of a broader privatization drive agreed under its $7 billion IMF program.

“The technical bids of seven consortia have been opened on Sept. 16,” the official, who declined to be named, said. “The legally successful bidder has to be announced within 30 days after the opening of the bids as per PPRA rules.”

The PPRA, or Public Procurement Regulatory Authority, sets Pakistan’s procurement regulations. Under these rules, the Privatization Commission is required to complete the evaluation process within a fixed timeframe to ensure transparency and accountability in government contracting.

According to the official, the following seven consortia have submitted proposals:

Greysteel, B6 Real Estate Advisers and Kirkland & Ellis LLP

CBRE, Morgan Stanley, Paul Hastings and Goldman Harris LLC

Ankura, Bank of Punjab, Baker McKenzie and Orr, Dignam & Co.

Savills, MACRO (a Savills Company), Cirtin Cooperman & Company LLP, Hogan Lovells, and Mohsin Tayebaly & Co.

Alvarez & Marsal Private Equity Performance Improvement Group LLC, Proskauer, and FGE Ebrahim Hosain (FGE-EH)

Citi Bank, Cushman & Wakefield, Proskauer Rose LLC, and HaiderMota & Co.

Newmark, Herbert Smith Freehills Kramer (US) LLP, and Peregrinvest LLC

Pakistan says it expects the privatization of the Roosevelt Hotel to be completed this year. The property, located near Grand Central Terminal, Times Square and Fifth Avenue, was closed in 2020 due to heavy losses but has since been used intermittently, including as a temporary migrant shelter.

Last month, global real estate firm Jones Lang LaSalle (JLL) resigned as financial adviser for the hotel’s partial sale, citing a conflict of interest due to client involvement. The government has since accelerated efforts to appoint a new adviser and proceed with the joint venture model approved by the federal cabinet.

Economists say the privatization of the Roosevelt Hotel is a critical part of Pakistan’s broader effort to offload loss-making state assets while attracting foreign investment and easing pressure on its fragile $350 billion economy.


Pakistan PM orders safeguards for legitimate travelers amid airport off-loading complaints

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Pakistan PM orders safeguards for legitimate travelers amid airport off-loading complaints

  • Over 66,000 passengers were off-loaded this year by Pakistani authorities as part of a crackdown on illegal migration
  • Instruction comes a day after Greece rescued about 540 illegal migrants at sea, including several Pakistani nationals

ISLAMABAD: Prime Minister Shehbaz Sharif on Saturday acknowledged complaints over passenger off-loading at airports and ordered safeguards for legitimate travelers, as he chaired a meeting on human smuggling a day after Greece rescued hundreds of migrants, including Pakistanis, at sea.

Earlier this week, the Federal Investigation Agency (FIA) said in a briefing to a parliamentary committee that more than 66,000 passengers had been off-loaded from Pakistani airports this year over suspected irregular travel, while tens of thousands were deported from Gulf states and other countries amid a broader crackdown on illegal migration.

The meeting chaired by Sharif reviewed enforcement measures aimed at curbing human smuggling and illegal immigration, with officials highlighting a 47 percent decline in illegal migration to Europe from the country following intensified screening at departure points.

“In taking action against those traveling illegally or holding suspicious travel documents, special care must be taken to ensure that passengers with valid documents are not affected,” the prime minister said, according to a statement issued by his office.

Sharif also ordered improvements in coordination between the FIA, the Protectorate of Emigrants and other agencies to facilitate Pakistanis traveling abroad legally for employment, while calling for stricter action against corrupt officials.

The meeting was also briefed about a growing reliance on technology by the immigration authorities to address weaknesses in the existing system. Authorities said work was under way to expand the use of electronic gates at airports, allowing automated identity verification to reduce discretionary checks.

Officials also said Pakistan was developing a mobile application to access passenger data and integrating advance passenger information and passenger name record (API-PNR) systems, enabling authorities to flag potentially fraudulent travel documents before departure.

Artificial intelligence tools are being introduced to support risk assessment and targeted screening, the statement added.

Pakistan intensified action against illegal migration in 2023 after hundreds of people, including its own nationals, died while attempting to cross the Mediterranean in an overcrowded fishing vessel that sank off the Greek coast, prompting widespread outrage and scrutiny of smuggling networks.

The meeting followed a Greek coast guard statement on Friday saying it rescued about 540 migrants from a fishing boat south of the island of Gavdos, transferring them to temporary facilities on Crete. Greek authorities said the group included nationals of Pakistan, Bangladesh and Egypt.

The latest rescue highlights how, despite tighter controls and airport screening at home, migrants continue to seek dangerous routes to Europe, largely driven by economic hardship and the promise of work in richer countries.