Latest news with #JonesLangLaSalle
Arab News
5 days ago
- Business
- Arab News
Global real estate giant quits advisory role in Pakistan's Roosevelt Hotel privatization
ISLAMABAD: Global real estate firm Jones Lang LaSalle (JLL) has stepped down from its role as financial adviser for the privatization of Pakistan's Roosevelt Hotel in New York, citing a conflict of interest due to client interest in the property, the government said on Thursday. Pakistan plans to sell a minority stake in the century-old Manhattan hotel and is seeking a redevelopment partner as part of a broader effort to offload loss-making state-owned assets under a $7 billion agreement with the International Monetary Fund (IMF). The Roosevelt Hotel, viewed as one of Pakistan's most valuable foreign holdings, was closed in 2020 and has since operated intermittently, including as a migrant shelter. JLL was appointed in January last year to advise the government on the potential sale transaction of the Roosevelt Hotel, the privatization ministry said in a statement. 'The Privatization Commission of Pakistan announces that Jones Lang LaSalle (JLL), a leading global real estate services firm, acting as Financial Adviser for privatization of Roosevelt Hotel, has formally conveyed its decision to resign from the assignment owing to the emergence of a potential conflict of interest,' the ministry said. It added that JLL had conducted due diligence on the hotel and submitted due diligence and transaction structure reports, in which it analyzed a range of transaction structure options in line with international best practices and market dynamics. The ministry said JLL has cited 'heightened interest' in Roosevelt Hotel from many of its clients, post cancelation of its lease agreement with New York City, as the reason for the decision to withdraw from its role. '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 ministry explained. The statement said Pakistan's Privatization Commission is initiating the process to hire a new financial adviser on a fast-track basis to ensure that the process for Roosevelt Hotel's privatization is carried forward in a 'transparent and competitive manner.' 'The Government of Pakistan and the Privatization Commission remain fully committed to conclude the ongoing privatization of Roosevelt Hotel expeditiously, in accordance with all applicable legal requirements,' the statement concluded. The Roosevelt Hotel has long been one of Pakistan's most prominent but politically sensitive overseas assets. Acquired by the Pakistan International Airlines Investment Limited (PIAIL) in 1979, the hotel occupies a full city block on Madison Avenue and 45th Street. Over the past two decades, successive Pakistani governments have floated plans to sell, lease, or redevelop the property, but no proposal has advanced beyond early-stage planning.
Yahoo
5 days ago
- Business
- Yahoo
Jones Lang LaSalle exits advisory role in sale of New York's Roosevelt Hotel
By Ariba Shahid KARACHI, Pakistan (Reuters) -Global real estate firm Jones Lang LaSalle (JLL) has quit its role as financial adviser on the partial sale of the Roosevelt Hotel in New York City, which is owned by Pakistan International Airlines, to avoid client conflict of interest, Pakistan said on Thursday. Pakistan is selling a minority stake in the hotel and looking for a redevelopment partner as it disposes of certain state assets under a privatisation programme agreed under a $7 billion IMF-backed reform plan. "The heightened interest in Roosevelt Hotel from many of JLL's own clients, post cancellation of its lease agreement with NYC, has put them in a compromising position,' Pakistan's Privatization Commission said in a statement, adding the firm resigned to avoid any 'perceived or actual' conflict of interest. JLL's exit will not derail the stake sale and a new adviser will be hired "on a fast track basis", the Commission said. Earlier this month, a senior official told Reuters that Pakistan is eyeing at least a $1 billion valuation and is ready to part with a minority stake in the property as it scouts for a redevelopment partner. The Roosevelt Hotel, a century-old property named after former U.S. President Theodore Roosevelt near New York's Grand Central Station, is one of Pakistan's top foreign assets. It is up for sale alongside power distribution companies in Pakistan and other state firms including PIA. The hotel was shut in 2020 due to losses and later leased to New York City as a migrant shelter. That lease ended earlier this year, and the property now sits vacant. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
5 days ago
- Business
- Yahoo
Jones Lang LaSalle exits advisory role in sale of New York's Roosevelt Hotel
By Ariba Shahid KARACHI, Pakistan (Reuters) -Global real estate firm Jones Lang LaSalle (JLL) has quit its role as financial adviser on the partial sale of the Roosevelt Hotel in New York City, which is owned by Pakistan International Airlines, to avoid client conflict of interest, Pakistan said on Thursday. Pakistan is selling a minority stake in the hotel and looking for a redevelopment partner as it disposes of certain state assets under a privatisation programme agreed under a $7 billion IMF-backed reform plan. "The heightened interest in Roosevelt Hotel from many of JLL's own clients, post cancellation of its lease agreement with NYC, has put them in a compromising position,' Pakistan's Privatization Commission said in a statement, adding the firm resigned to avoid any 'perceived or actual' conflict of interest. JLL's exit will not derail the stake sale and a new adviser will be hired "on a fast track basis", the Commission said. Earlier this month, a senior official told Reuters that Pakistan is eyeing at least a $1 billion valuation and is ready to part with a minority stake in the property as it scouts for a redevelopment partner. The Roosevelt Hotel, a century-old property named after former U.S. President Theodore Roosevelt near New York's Grand Central Station, is one of Pakistan's top foreign assets. It is up for sale alongside power distribution companies in Pakistan and other state firms including PIA. The hotel was shut in 2020 due to losses and later leased to New York City as a migrant shelter. That lease ended earlier this year, and the property now sits vacant. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
18-07-2025
- Business
- Bloomberg
Ace Hotel Brand Owner Nears Sale to Japan's Seibu Prince
Ace Group International, which manages the trendy Ace Hotel brand, is nearing a deal to sell itself to Tokyo-based Seibu Prince Hotels Worldwide Inc., according to a person familiar with the matter. The transaction could be valued at as much $85 million, including earn-outs, said the person, who asked not to be identified discussing a private transaction. Ace has been working with adviser Jones Lang LaSalle Inc. to explore strategic options, the person said.
Bloomberg
17-07-2025
- Business
- Bloomberg
Hybrid Work No Longer Dominant Policy of Fortune 100 Companies
For the first time since the pandemic upended work life five years ago, more than half the companies in the Fortune 100 have their employees fully back in the office, according to a report from real estate firm Jones Lang LaSalle Inc. Hybrid schedules, which two years ago were offered by 78% of the 100 largest US companies by revenue, are now available at just 41% of them, while the share of Fortune 100 firms requiring full-time office attendance has jumped to 54% from 5%.
