As previously reported, expression of interest stage of the privatisation process of "International" hotel has been started and applications received till 15 july 2024.

International company “Deloitte”, acts as the Agency's consultant to carry out this privatisation process.

As part of the Expressions of Interest phase of the privatization process, a marketing campaign was conducted including sending investment teasers to potential investors through Deloitte's international communications and conducting one-on-one communications..

Upon the July 15, 2024, 6 expressions of interest to acquire the hotel of internatinal investors from different parts of the world, including  Arab countries, East Asia and Europe received. The received proposals have been analyzed for compliance with the criteria established at this stage, in particular:

• sufficient financial resources to acquire the Asset;
• absence of any judicial, administrative, arbitration, or other proceedings, the result of which may be a ban on participation in the privatization process;
• Compliance with Uzbekistan Law #660-II (as amended on January 15, 2019) "Countering the legalization of proceeds of crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction".
• Neither the Applicant nor any of the Consortium Members (in the case of the Consortium) must be on the public sanctions lists of the European Union and the United States or any of the major international development banks (World Bank, European Bank for Reconstruction and Development, Asian Development Bank), or on the date of the Application must be subject to any proceedings or investigation by the aforementioned sanctions authorities. Also, neither the Applicant (and, in the case of the Consortium, none of the Consortium Members) nor any of its/their affiliates is/are in any way involved in any activity (directly or through any subsidiary) contrary to the sanctions regime of the aforementioned institutions and states and, neither the Applicant (or in the case of the Consortium, any of the Consortium Members) nor any of its/their Related Parties have as principal financiers or lenders banks or financial institutions which are sub-sanctioned persons or persons controlled or owned by sub-sanctioned persons. 

As a result of analysis, a positive conclusion that all proposals meet the established criteria was made. Accordingly, to all 6 candidates in order to prepare “Non-Binding Offer (NBO)” have been sent relevant process letter abd were informed about the next steps of the stage individually.

About the current "Non-Binding Offer (NBO)" stage of the sales process:

Applicants qualified for this stage will sign a Non-Disclosure Agreement (NDA) and will have access to a Virtual Data Room (VDR) containing sufficient information to prepare non-binding offers, including general information on the operation of the Hotel prepared by the Consultant.

Non-Binding offers (NBO) for the acquisition of the Hotel will be accepted by the Consultant until August 19, 2024 18.00 (Tashkent time).

About the next stage of the sale process:

Applicants that will be qualified for the binding offer (BO) stage of the privatization process will have access to analytical reports (due-diligence) prepared by Deloitte, a visit to the hotel and a question and answer session with its management.

The State Assets Management Agency expresses its gratitude to all applicants who have shown interest in the acquisition of the hotel and expresses confidence in further constructive cooperation with them.