Citigroup, CBRE Lead Race for Roosevelt Hotel Advisory Mandate

September 18, 2025 (MLN):

The Privatisation Commission of Pakistan has received bids from seven consortia competing for the mandate to serve as financial advisor for the planned sale and redevelopment of the state-owned Roosevelt Hotel in New York.

According to Commission spokesperson Ahsan Ishaq, a technical evaluation of the bids will be completed within 10 days. The bids were opened publicly earlier today, underscoring strong global and local interest in the landmark transaction.

Leading Contenders

• A Citigroup-led consortium — which includes Cushman & Wakefield and Proskauer Rose — is among the frontrunners.
• Another key competitor is the CBRE-led consortium, backed by Morgan Stanley.
• A third major bidder is an Ankura-led group, partnered with Pakistan’s Bank of Punjab and Baker McKenzie.

Strategic Importance

The advisory role will be central to the government’s strategy for the Roosevelt Hotel. The plan envisions a sale of the property followed by a joint venture mixed-use development project, reaffirmed in the Commission’s August 1st statement.

Broader Divestment Agenda

The Roosevelt Hotel process is part of Pakistan’s wider privatisation and divestment strategy, which also includes the proposed sale of a stake in Pakistan International Airlines (PIA).