State share in "Hyatt Regency Tashkent" will be bought by Abu Dhabi Uzbek Investment

The transaction amounted to 87 million US dollars
The state asset management agency reached an agreement on the sale of 100% of the state share of the hotel "Hyatt Regency Tashkent". Abu Dhabi Uzbek Investment LLC JV was declared the winner of the contest.
The transaction amounted to 87 million US dollars. The recommended price is in the high price range, significantly higher than the hotel's previously independently assessed price.
When choosing an investor, the best price offered, compliance with qualification requirements, experience in the region, and conditions for closing the deal were taken into account. As a result of the marketing campaign and distribution of investment teasers to foreign and local investors, the State Asset Management Agency received 5 applications from American, Asian, European and Uzbek companies.
The Big Four international companies participated in the proper organization of the transaction and provided services: PricewaterhouseCoopers evaluated the state share, and KPMG Valuation and Consulting acted as a consultant. Abu Dhabi Uzbek Investment's offer was in the high price range, significantly higher than the price given to the hotel independently.
The privatization of the Hyatt Regency Tashkent hotel is an important event in the field of direct investment in the tourism sector of Uzbekistan. It is distinguished from many other deals by the fact that the purchase of the state share is carried out only at the expense of the investor's own capital, and not at the expense of loans or other borrowed funds. Payment is made in one payment after signing the sales contract. In addition, Abu Dhabi Uzbek Investment undertakes to invest 12 million US dollars in the hotel. Abu Dhabi Uzbek Investment Company looks at Uzbekistan in a long-term perspective. Our plans include attracting more than 1 billion US dollars to the economy of Uzbekistan in a few years," said Timur Rahmanov, CEO of Abu Dhabi Uzbek Investment.
The parties will sign the purchase agreement after approval by the management of the international chain of Hyatt International hotels.

Abu Dhabi Uzbek Investment LLC is an investment company with a capital of 1 billion US dollars. By the end of this year, the company plans to increase its investment portfolio in Uzbekistan from $100 million to $200 million. Among the projects of Abu Dhabi Uzbek Investment is the construction of an AC by Marriott international chain hotel in Samarkand. At the moment, projects worth 300 million US dollars are being developed by the fund. The five-star hotel "Hyatt Regency Tashkent" started operating in the center of Tashkent in 2016 and became the first hotel of the international Hyatt brand in Uzbekistan. The total land area is 3.1 hectares, the area under construction of buildings and structures is 60.1 thousand square meters. The hotel is spread over 8 floors and has 300 guest rooms, including 248 standard and 52 deluxe/luxury rooms. The hotel has several conference halls of various capacities equipped in accordance with international quality standards, as well as a banquet hall with an area of 850 sq.m., an indoor swimming pool and a SPA center.