Seven firms, including Citigroup, bid to advise Pakistan on Roosevelt Hotel privatization
KARACHI: Citigroup is among seven international consortia that have submitted bids to advise Pakistan on the privatization of the Roosevelt Hotel in New York, a privatization commission official with direct knowledge of the issue told Arab News on Thursday.
The Roosevelt Hotel, a century-old Manhattan property owned by 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.
“The technical bids of seven consortia have been opened on Sept. 16,” the official, who declined to be named, said. “The legally successful bidder has to be announced within 30 days after the opening of the bids as per PPRA rules.”
