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       ISLAMABAD: The fin-ancial advisor for the privatisation of the Roosevelt Hotel in New York has resigned, forcing the Pri-vatisation Commission to look for a new firm.

       A leading global real estate services firm, Jones Lang LaSalle (JLL), acting as financial adviser for the hotel’s privatisation, has cited a “potential conflict of interest” for its decision.

       JLL, which had recommended the joint venture model for the Roosevelt, a 1,015-room historic hotel in Midtown Manhattan, has conveyed its decision to the Privatisation Commission.

       Announcing the resignation, the Privatisation Commission said on Thursday it was initiating the process to hire a new financial adviser on a fast-track basis to ensure that the privatisation of Roosevelt Hotel proceeds “in a transparent and competitive manner”.

       JLL has cited “hei-ghtened interest” in the hotel from many of its own clients and cancellation of its lease agreement with New York City as reasons for the decision to withdr--aw from the assignment.

       JLL said these issues had put the company in a “compromising position” and it was resigning “to avoid any perceived or act-ual conflict of interest”.

       JLL was appointed as financial adviser in Janu-ary 2024 to advise the government on the privatisation of the hotel.

       The company has alrea--dy conducted due dilige-n--ce on the property and sub--mitted transaction str-ucture reports, analysing a range of options in line with international best practices.

       Business at the hotel was suspended in 2020 following financial losses incurred during the Covid-19 pandemic.

       Published in Dawn, July 25th, 2025