ISLAMABAD: The fin­ancial advisor for the privatisation of the Roosevelt Hotel in New York has resigned, forcing the Pri­vatisation Commission to look for a new firm.

A leading global real estate services firm, Jones Lang LaSalle (JLL), acting as financial adviser for the hotel’s privatisation, has cited a “potential conflict of interest” for its decision.

JLL, which had recommended the joint venture model for the Roosevelt, a 1,015-room historic hotel in Midtown Manhattan, has conveyed its decision to the Privatisation Commission.

Announcing the resignation, the Privatisation Commission said on Thursday it was initiating the process to hire a new financial adviser on a fast-track basis to ensure that the privatisation of Roosevelt Hotel proceeds “in a transparent and competitive manner”.

JLL has cited “hei­ghtened interest” in the hotel from many of its own clients and cancellation of its lease agreement with New York City as reasons for the decision to withdr­­aw from the assignment.

JLL said these issues had put the company in a “compromising position” and it was resigning “to avoid any perceived or act­ual conflict of interest”.

JLL was appointed as financial adviser in Janu­ary 2024 to advise the government on the privatisation of the hotel.

The company has alrea­­dy conducted due dilige­n­­ce on the property and sub­­mitted transaction str­ucture reports, analysing a range of options in line with international best practices.

Business at the hotel was suspended in 2020 following financial losses incurred during the Covid-19 pandemic.

Published in Dawn, July 25th, 2025