LAHORE: The Privatisation Commission of Pakistan has received bids from seven groups seeking to serve as financial advisor for the sale of the state-owned Roosevelt Hotel in New York.
Ahsan Ishaq, the commission’s spokesperson, said a technical evaluation of the bids is expected to be completed within 10 days. The bids, which were opened publicly, show interest from both international and local financial firms.
Among the contenders, a Citigroup-led consortium including Cushman & Wakefield and Proskauer Rose has emerged as a key bidder. Another prominent applicant is a CBRE-led group partnered with Morgan Stanley. Additionally, an Ankura-led consortium, comprising Pakistan’s Bank of Punjab and Baker McKenzie, is also in the running.
The advisory role is central to the government’s plan for the historic property. According to a statement issued by the Privatisation Commission on August 1, the government intends to sell the hotel and pursue a joint venture for its mixed-use development.
The bidding process forms part of a wider divestment strategy by the Pakistani government, which also includes plans to sell a stake in the national airline.
