“ Hyatt Regency Tashkent” hotel was sold

An agreement was reached on the sale of 100 percent of the state share of the Hyatt Regency Tashkent hotel owned by "Poytakht Kurilish va Syst" LLC (Limited Liability Company) to the joint venture of "Abu Dhabi Uzbek Investment" LLC for $87 million.  This was reported by the State Asset Management Agency.

It is noted that during the sale, the international consulting company "KPMG Valuation and Consulting" LLC acted as a consultant on the privatization of the State Asset Management Agency.  The independent evaluation of the share package was carried out by the international evaluation company - "PricewaterhouseCoopers" LLC.

An international consultant and the State Asset Management Agency have carried out large-scale marketing activities both at the local and international levels within the framework of the privatization process.  In particular, investment teasers were sent to various foreign investors through the consultant's network of regional offices around the world.

As a result, 5 applications for purchase were received from investors in America, Asia, Europe, and Uzbekistan.  After that, a "beauty contest" was held among the applicants for the purchase, that is, the process of choosing the best among the offers began.  Among the buyers, the offers of "Abu Dhabi Uzbek Investment" were preferred over others.

It is noted that "Abu Dhabi Uzbek Investment" has undertaken to invest 12 million dollars in addition to the agreed amount for the purchase of the hotel.

The contract of sale, after the relevant terms of the deal have been agreed upon, by the contract concluded in 2013 between "Poytakht kirile va service" LLC and "Hyatt International", the international hotel management network Hyatt International Limited (Europe Africa Middle East) was signed after approval.

For information, "Abu Dhabi Uzbek Investment" (UAE-Uzbekistan) is an investment company with a capital equal to 1 billion US dollars.