Pakistan Invites Bids for PIA Roosevelt Hotel Financial Advisor
The Ministry of Privatization in Pakistan has officially opened the bidding process. They are inviting qualified and experienced firms to submit technical and financial proposals. The primary goal is to appoint a financial advisor for the prestigious PIA Roosevelt Hotel located in New York City. This strategic move aims to optimize a prime government-owned asset.
Furthermore, this advisory mandate specifically relates to a proposed joint venture. It targets a comprehensive mixed-use development for the iconic Roosevelt Hotel. Situated prominently in Manhattan, the property offers significant development potential. Consequently, this initiative underscores Pakistan’s commitment to maximizing its international assets.
About the Iconic Roosevelt Hotel Property
The Roosevelt Hotel stands as an impressive landmark within Manhattan. This grand property comprises 19 storeys, featuring approximately 1,250 rooms. Additionally, it covers a substantial area of around 600,000 square feet. Such a significant property undoubtedly demands expert management and strategic planning for its future development. Pakistan aims to leverage its potential fully.
Initially, discussions around the hotel’s future included various options. However, recent statements confirm that the demolition of the property is not on the agenda. Instead, the focus remains on revitalization through this new development strategy. This approach reflects a long-term vision for the property. Moreover, the government seeks to ensure optimal value realization from this valuable international asset.
Role of the Designated Financial Advisor
The selected financial advisor will undertake a pivotal role. They will assist the government in various critical aspects of the project. Specifically, their responsibilities encompass structuring and executing the proposed joint venture transaction. This entire process will strictly adhere to all applicable rules and international best practices. Therefore, the chosen firm must demonstrate extensive experience and a proven track record in similar high-profile projects.
Key responsibilities include:
- Structuring the Joint Venture: Developing a robust and equitable framework for the partnership.
- Executing the Transaction: Overseeing all procedural, legal, and financial aspects of the deal.
- Ensuring Compliance: Adhering to national and international regulations throughout the process.
- Maximizing Value: Strategically working to secure the best possible financial outcome for the government.
Bidding Process and Key Submission Details
Interested firms can readily obtain the Request for Proposal (RFP) document. It is conveniently available directly from the Ministry of Privatisation’s official website. The RFP comprehensively details eligibility criteria, a comprehensive scope of work, and all necessary submission requirements. Prospective bidders are strongly encouraged to review these documents thoroughly before preparing their proposals.
It is important to note the strict deadline for submissions. Technical and financial proposals must be submitted by February 16, 2026, no later than 3:30 pm (PST). Subsequently, late submissions will not be considered under any circumstances. Therefore, timely submission is absolutely paramount for all interested parties aiming to secure this prestigious advisory role for the PIA Roosevelt Hotel project.
