Pakistan’s Privatization Commission (PC) said on Tuesday that it has picked a consortium led by Citibank as the top-ranked bidder for the role of financial adviser for the privatization of its Roosevelt Hotel.
The Roosevelt Hotel, a century-old Manhattan property owned by the 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.
Citibank was among seven international consortia that submitted bids for the financial adcisor role last year,a PC official said last year. Global real estate firm Jones Lang LaSalle (JLL) resigned as financial adviser for the hotel’s partial sale in August 2025, citing a conflict of interest due to client involvement.
“In a separate agenda item, the Board approved the consortium led by Citibank as the top-ranked bidder for appointment as Financial Adviser for the privatization of the Roosevelt Hotel, New York,” a press release by the Privatization Ministry said. “The Board also constituted a negotiation committee to finalize the Financial Advisory Services Agreement (FASA) with the successful consortium.”
The decision was taken after the PC Board held its 250th meeting under the chairmanship of Muhammad Ali, adviser to the prime minister on privatization.
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.
In February, Pakistan and the US launched a strategic initiative regarding the hotel’s operation, maintenance, renovation and redevelopment.
DISCOS privatisation
Separately, the ministry said that the board had also approved recommendations on the privatization of the first batch of three power distribution companies (DISCOs) for the Cabinet Committee on Privatization’s (CCoP) approval.
These companies included the Faisalabad Electric Supply Company (FESCO), Gujranwala Electric Power Company (GEPCO) and Islamabad Electric Supply Company (IESCO). “The Board approved the proposed transaction structure, pre-qualification criteria, and restructuring plans for each of the three DISCOs, thereby achieving a major milestone in the transaction process,” it said.
The board said that after the committee’s approval, expressions of interest (EOIs) will be invited from prospective investors.