JLL Exits Roosevelt Hotel Sale Over Conflict Concerns

Global real estate firm Jones Lang LaSalle (JLL) has stepped down as financial adviser for the Roosevelt Hotel sale in NYC. The decision, tied to client conflicts, aligns with Pakistan's privatization efforts under IMF reforms. Pakistan aims for a $1 billion hotel valuation and seeks new advisers.

Global real estate titan Jones Lang LaSalle (JLL) has withdrawn from advising the sale of New York City's Roosevelt Hotel, averting potential conflicts of interest. The iconic hotel, owned by Pakistan International Airlines, is part of a broader privatization agenda set by Pakistan amidst IMF-backed reforms.

Pakistan's Privatization Commission stated that JLL's resignation arose from increased interest in the property among the firm's existing clients. To prevent perceived conflicts, JLL opted to step back. The commission confirmed that the hunt for a new adviser is underway to maintain the sale momentum.

The Roosevelt Hotel, linked to storied U.S. President Theodore Roosevelt and located near NYC's Grand Central Station, is a prized asset for Pakistan. Shuttered over financial losses and previously used as a migrant shelter, the hotel seeks a redevelopment partner and a minority stake sale valued at over $1 billion.