The State Assets Management Agency (SAMA) announced the privatization of the Lotte City Hotel Tashkent in Tashkent’s Yunusabad district.
KPMG was hired as a privatization consultant, while Deloitte was hired as an independent assessment.
According to the Agency, 15 companies expressed interest in the asset, but only 3 of them submitted binding offers.
The winner of the auction was Alfa Invest insurance company, which offered $20 million.
Reportedly, considering the architectural appearance of the hotel's exterior, the investor assumed the obligation to carry out any future construction, repair and reconstruction work strictly in agreement with the Ministry of Construction and Housing and Communal Services and the Agency for Cultural Heritage.
It is reported that the price was higher than the estimated value of Lotte.
About the buyer
Alfa Invest was founded in 2003 and is one of the largest insurance companies in Uzbekistan. The company provides services for all types of voluntary and compulsory insurance, including insurance in the hotel industry.
The value of assets in August 2023 was 216.7 billion soums.
The Agency also previously announced the privatization of the International Hotel. Its buyer was the construction company Smart Fast Stroy, which offered $26 million.
