Jones Lang LaSalle Quits Role in Sale of Pakistan-Owned Roosevelt Hotel in New York – What’s Next?

Published: July 25, 2025
Author: Financial Insider Blog | 

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📍 Introduction

One of the most valuable foreign assets of Pakistan, the Roosevelt Hotel in New York City, is once again in the headlines. The 100-year-old landmark building, located near Grand Central Station, is owned by Pakistan International Airlines (PIA) and is currently up for partial sale. But in a surprising twist, the global real estate giant Jones Lang LaSalle (JLL) has resigned from its advisory role on the sale process, citing a possible conflict of interest.

So, what does this mean for the future of the Roosevelt Hotel? Will this decision delay Pakistan’s ambitious privatization plan under the IMF-backed $7 billion reform program? Let’s dive deep into the situation and understand what’s happening, what’s at stake, and what’s next.

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🏨 What Is the Roosevelt Hotel?

The Roosevelt Hotel is not just any property. It's a historic hotel in the heart of Manhattan, named after President Theodore Roosevelt. Owned by Pakistan for decades through its national airline PIA, the hotel has been a symbol of diplomatic and economic presence in the United States.

However, the hotel’s financial journey hasn’t been smooth. It was shut down in 2020 due to significant losses during the COVID-19 pandemic. Later, it was leased to the City of New York to be used as a shelter for migrants amid the housing crisis. That lease ended earlier in 2025, and now the hotel stands vacant, waiting for its next chapter.

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💼 Why Was JLL Involved?

Jones Lang LaSalle (JLL) is one of the world’s most respected commercial real estate advisory firms. Pakistan hired JLL to help find the best possible deal for selling a minority stake in the Roosevelt Hotel and to identify a redevelopment partner.

JLL's job was to:

• Evaluate the hotel’s real market value

• Find interested buyers or investors

• Advise on privatization and redevelopment strategy

• Ensure transparency and professionalism in the process

But now, they have stepped away from the project. Why?

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🚨 Why Did JLL Resign?

According to Pakistan’s Privatization Commission, JLL stepped down because of a conflict of interest. Since the Roosevelt Hotel’s lease with New York City ended, there has been a surge in interest from various investors—including some who are already clients of JLL.

This situation placed JLL in a “compromising position,” making it difficult for them to fairly represent Pakistan’s interests without appearing biased.

Official Statement:
“The increased interest in Roosevelt Hotel from JLL’s own clients after the lease cancellation has created a situation of perceived or actual conflict of interest.”
— Pakistan Privatization Commission

JLL decided it was best to resign voluntarily to maintain professional ethics and transparency.

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💡 What Is a Conflict of Interest?

In simple words, a conflict of interest happens when a company or individual is involved in multiple interests that could interfere with their decisions. For example:

• JLL is supposed to represent Pakistan and find the best deal.

• But if JLL also has clients who are trying to buy the Roosevelt Hotel, they are on both sides of the deal.

That’s why Pakistan appreciated JLL’s decision to step away instead of continuing under questionable circumstances.

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🇵🇰 What’s Pakistan’s Plan Now?

Pakistan’s government has clarified that the process of selling a stake in the Roosevelt Hotel is not on hold. In fact, they are planning to hire a new financial advisor on a fast-track basis.

Privatization Commission says:
“The exit of JLL will not affect the sale process. A new adviser will be appointed quickly.”

This shows that Pakistan remains committed to its privatization goals, especially under the $7 billion IMF-backed economic reform program. Selling loss-making or non-essential state assets is a key part of the agreement.

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💰 How Much Is the Roosevelt Hotel Worth?

According to sources, Pakistan is aiming for a valuation of over $1 billion for the Roosevelt Hotel. While the hotel is not currently operating, its location, history, and redevelopment potential make it a highly attractive asset.

Investors could use it as:

• A luxury hotel

• A commercial office space

• A real estate redevelopment project

• A cultural or residential space

This is why many international investors are keeping a close eye on this deal.

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📉 Why Is Pakistan Selling Foreign Assets?

This move is part of Pakistan’s larger privatization policy to reduce debt, improve efficiency, and attract foreign investment. Along with the Roosevelt Hotel, Pakistan is planning to sell:

• Power distribution companies

• Shares in PIA

• Other non-performing or underutilized assets

By selling a minority stake in the Roosevelt Hotel, Pakistan can raise funds while still retaining partial ownership and control over decisions related to the hotel’s future.

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🧭 What Happens Next?

Here's the expected timeline moving forward:

1. New Advisor Appointed: Pakistan is likely to hire a new advisory firm within a few weeks.

2. Valuation and Due Diligence: The new advisor will carry out an updated valuation and prepare the property for investor presentation.

3. Shortlisting of Investors: Interested buyers will be invited to submit offers.

4. Minority Stake Sold: Pakistan will sell a portion of the hotel to a strategic investor who also helps with redevelopment.

This approach allows Pakistan to unlock the property’s potential without completely giving up ownership.

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🔍 Why Is the Roosevelt Hotel Important to Pakistan?

The Roosevelt Hotel has symbolic, financial, and diplomatic value for Pakistan:

• It’s one of the few international assets owned by Pakistan.

• Located in a prime real estate area of New York, it has enormous investment potential.

• It represents Pakistan’s economic footprint abroad.

Keeping it empty means lost revenue, but selling it completely could mean losing control. That’s why a partial sale with redevelopment is seen as the ideal middle path.

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🌍 Global Investors Eyeing the Deal

Since the lease with New York City ended, many global real estate investors have reportedly shown interest in the property. These may include:

• Real estate funds from the UAE and Saudi Arabia

• Private equity firms in the USA

• Construction and hospitality companies in Europe

• South Asian investment groups

With JLL no longer managing the process, the new advisory firm will have to carefully select the best partner — not just in terms of money, but also in terms of long-term vision and trust.

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🔄 Past Controversies Around the Hotel

The Roosevelt Hotel has been part of political and legal controversies in Pakistan for years. Some key issues include:

• Debate over full sale vs. partial sale

• Disagreements over valuation

• Political interference in decision-making

• Public backlash over “selling national assets”

However, with growing economic challenges and IMF obligations, the government now has limited options. Keeping a billion-dollar asset idle is no longer sustainable.

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📌 Final Thoughts

The resignation of JLL from the Roosevelt Hotel deal is unexpected but not a deal-breaker. In fact, it reflects the growing international interest in the property and the importance of ethical business practices.

Pakistan now has a chance to choose a better, more transparent partner, secure a strong deal, and move closer to its economic recovery goals. If done right, the partial sale of Roosevelt Hotel could become a milestone success story in Pakistan’s privatization journey.

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