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12 May 2022

Announcement on the beginning of the process of selling the state shares in the hotel “Lotte City Hotel Tashkent Palace”

In accordance with the Decree of the President of the Republic of Uzbekistan dated February 11, 2021 "On measures to further accelerate the processes of privatization of state assets" PD-6167 (with additions to the Decree of the President of the Republic of Uzbekistan dated July 30, 2021 PD-6273), the State Assets Management Agency of the Republic of Uzbekistan (hereinafter – UzSAMA or the Seller) announces the beginning of the privatization of the hotel “Lotte City Hotel Tashkent Palace” (hereinafter – Hotel or Asset), through a competitive sale process (hereinafter – Transaction).

In preparation for this Transaction, based on the results of a competitive selection, "KPMG Valuation and Consulting" LLC (hereinafter – KPMG) was selected as an exclusive financial consultant for the privatization of the Asset.

Brief information about the Asset:

  • The four-star hotel “Lotte City Hotel Tashkent Palace” has a unique location in the center of Tashkent, convenient for both tourists and business guests of the capital. The hotel is located opposite of the famous Navoi Opera and Ballet Theater, not far from the Museum of the History of Uzbekistan, within walking distance to the Central Independence Square, as well as Amir Temur Square;
  • In 2013, it was transferred under the management of the South Korean hotel brand "Lotte Hotel", which carried out a complete renovation of the hotel according to international brand quality standards;
  • The hotel meets the requirements of the "First Class" standard of the "Hotelstars Union" classification system;
  • The total land area is 1.14 hectares, the area of buildings and structures is 24.3 thousand sq. m;
  • "Lotte" quality standards have been applied in the hotel, a modern reservation system has been introduced, which offers guests 232 comfortable rooms for accommodation;
  • On the territory of the hotel there are several conference halls of various capacities, a banquet hall with an area of 3,042 sq.m., as well as an outdoor swimming pool and a fitness center.

If you have any questions, you are welcome to reach out to the emails listed below.

DKalazhanov@kpmg.kz 

SSandykbayeva@kpmg.kz 

VPolyakov@kpmg.kz 

An official request to submit applications for participation will be additionally issued. The application process is open to all interested participants. Interested parties are invited to submit an application in the form of a letter in English, Russian or Uzbek languages, signed by an authorized representative of the applicant.

Disclaimer

UzSAMA reserves the right to change the sequence of the sale process or refuse to sell to any potential buyer (s) or to negotiate with them at any time without giving a reason.

This announcement, or any part of its content, should not be construed as a form of commitment on the part of UzSAMA, Hotel and KPMG in relation to the sale of the Asset, which might be assumed in connection with the publication of this announcement. UzSAMA and KPMG reserve the right in their sole discretion at any time and in any respect, without assuming joint or individual responsibility

(i) amend the application deadline

(ii) follow different procedures in relation to different stakeholders, and / or negotiate with one or more potential buyers within the framework of the schedule and procedure provided jointly by UzSAMA, the Hotel and KPMG, excluding any other potential buyer (s) without prior notice;

(iii) terminate the sale process for any reason; and / or

(iv) terminate any discussion and negotiations with any potential buyer (s) in relation to the deal at any time and without giving reasons.

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