The Government of Pakistan, through the Privatisation Commission (PC), has invited Technical and Financial Proposals for the appointment of a Financial Advisor (FA) for the Roosevelt Hotel, located in Midtown East, Manhattan, New York City.
The Roosevelt Hotel, a landmark property situated on Madison Avenue and East 45th Street, comprises 19 storeys and 1,025 rooms, with a covered area of approximately 600,000 square feet. The hotel is owned by PIA Investments Limited (PIAIL), a wholly owned subsidiary of Pakistan International Airlines Holding Company Limited (PIAHCL), registered in the British Virgin Islands.
According to the notice, the Privatisation Commission has been mandated to appoint a Financial Advisor to undertake the envisaged leasing of the Roosevelt Hotel site for the development of a joint venture mixed-use project, in line with the Privatisation Commission Ordinance, 2000. The selected advisor will support the transaction through an appropriate and competitive mode.
The Commission has invited proposals from internationally reputed advisory firms, investment banks, and real estate companies, either acting independently or as part of a consortium, with proven experience in undertaking similar transactions. Detailed information, including the Terms of Reference (TORs), evaluation criteria, skill requirements, and draft Financial Advisory Services Agreement (FASA), is available in the Request for Proposal (RFP) document hosted on the Privatisation Commission’s official website.
Interested firms are required to submit separate Technical and Financial Proposals, either electronically via password-protected files or through courier, along with a non-refundable processing fee of USD 1,000. The deadline for submission is Monday, 16 February 2026, at 3:30 pm Pakistan Standard Time. Proposals that are not password-protected will not be considered.
The Privatisation Commission clarified that the advertisement does not constitute an offer or warranty and should not be interpreted as such.
This development marks another key step in the Government of Pakistan’s efforts to unlock value from state-owned assets and explore strategic investment opportunities for one of its most prominent international properties.
Source: https://privatisation.gov.pk/SliderDetail/ZmEzYThiMTAtZDMzZC00MTRhLWJmODItMzMyYTljZmM1ODg5
PDF Link: https://privatisation.gov.pk/SiteImage/Misc/files/Roosevelt_RFP_TORs_FASA.pdf
