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ISLAMABAD, Jul 24 (APP):The Jones Lang LaSalle (JLL), a leading global real estate services firm, acting as Financial Advisor for privatisation of Roosevelt Hotel, has formally conveyed its decision to resign from the assignment owing to the emergence of a potential conflict of interest.
According to press release issued by Privatization Commission, in its correspondence here Thursday, JLL has offered to return all amounts received from commission during the course of its engagement.
JLL was appointed in January 2024 through a competitive process to advise the government of Pakistan on the potential transaction of the Roosevelt Hotel, New York.
During its engagement, JLL conducted comprehensive due diligence on the property, providing detailed reports on the transaction structure. These reports analyzed various transaction options, aligning with international best practices and market dynamics.
JLL has cited heightened interest in Roosevelt Hotel from many of its own clients, post cancellation of its lease agreement with NY City, as the reason for their decision to withdraw from the assignment.
This, JLL says, has put them in a compromising position, therefore they have decided to resign in order to avoid any perceived or actual conflict of interest.
The Privatization Commission, recognising the significance of this development for the transaction, is initiating the process of hiring a new Financial Advisor on fast track basis, to ensure that the process for privatisation of Roosevelt Hotel is carried forward in a transparent and competitive manner, while building on the preparatory work already completed with respect to the transaction.
The statement added that the government and the Privatisation Commission was fully committed to conclude the ongoing Privatisation of Roosevelt Hotel expeditiously, in accordance with all applicable legal requirements.