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27 May 2024

Public sales of the International Hotel have started

In accordance with the relevant privatisation programmes, the State Assets Management Agency (hereinafter - UzSAMA) announces the start of the sales process of 100% state share in InterHotel LLC (hereinafter - Asset/Hotel) through the privatisation method of public offer to negotiations.

The international company “Deloitte(hereinafter - Deloitte) acts as a consultant of UzSAMA on this project.

Brief information about the Asset:

The Hotel building includes 232 rooms, 7 conference halls, 2 restaurants, bars and an outdoor terrace, as well as a fitness club with a swimming pool.

The total area of buildings and constructions is 45 thousand square meters, the land plot area is 3 hectares.

The hotel has a signed sub-license agreement with Accor Group, which provides for the possibility to use the Mövenpick brand, as well as the reservation system and other IT systems of the TARS Accor Hotels network.

Process information:

The process for the sale of the Asset is based on a public invitation to negotiate method, which is open to all interested parties (hereinafter referred to as “Participants”).

The process of sale will be carried out in three stages including Express of interest, Non-binding offer (NBO) and Binding offer (BO), in the final stage of the process  buyers to make a guarantee payment of at least 1 % of the proposed binding price offer.

As part of the Expression of Interest stage, Participants are invited to express their interest in the form of an Application (Express of Interest), including the following information: 

  1. Brief information about the Applicants (including TPIN, and type of activity).
  2. Financial statements (preferably for the last 3 years).
  3. Information about shareholders/participants owning more than 5% of the share in the authorized capital of the Participant (with indication of the ownership share), as well as ultimate beneficiaries.

The Expression of Interest may be prepared in Uzbek, Russian or English (at the discretion of the Participants), and should be sent to the following mailing address: jmamadjanov@deloitte.uz.

The deadline for submission of applications is not later than 18:00 (Tashkent time) on July 4, 2024.

Following the publication of this announcement, the Consultant will also organize the distribution of investment teasers through Deloitte's international contacts in order to attract potential investors.

 The received applications will be selected in accordance with the following criterias:

  • 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.

Upon completion of the collection of applications, Participants will be individually informed by Deloitte about the further process steps by sending a procedural letter.

The contact persons for this project are:

Jahongir Mamadjanov, Director of Deloitte in Tashkent: jmamadjanov@deloitte.uz, tel. +998 90 188 71 11;

Shokhrukh Okhunov, Head of Department, State Assets Agency: sh.ohunov@davaktiv.uz, tel. +998 71 259 20 23.

Potential investors who progress to the next stage of the Non-Binding Offer (NBO) will sign a Non-Disclosure Agreement (NDA) and access to the Virtual Data Room (VDR), where general information about the Asset's operations is stored for the preparation of non-binding commercial offers.

Applicants who pass the Binding Offer (BO) stage will have the opportunity to learn Deloitte's due-diligence analyses, visit the asset and ask questions of its management body.

 The State Assets Agency ensures further public disclosure of each stage of the privatization process.


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

This announcement, or any part of its content, should not be taken as a form of obligation on the part of UzSAMA, "Mosaic Financial" in relation to the Asset sale, as one might assume in connection with the publication of this announcement. UzSAMA and "Mosaic Financial" reserves the right, in its sole discretion, at any time and in any respect, without assuming joint or individual responsibility:

(i) Change the deadline for submission of applications;

(ii) Follow different procedures with respect to different stakeholders and/or negotiate with one or more potential buyers within the schedule and procedure established jointly by the State Assets Agency and "Mosaic Financial", to the exclusion of any other potential buyer(s) without prior notice;

(iii) Stop the sale process for any reason;

(iv) Stop all discussions and negotiations with any potential buyer(s) in relation to the Transaction at any time and without explanation.

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