On 12 May 2022, in accordance with the relevant privatisation programs, the State Assets Management Agency of the Republic of Uzbekistan (hereinafter – UzSAMA or the Seller) announced the start of the privatization of the hotel “Lotte City Hotel Tashkent Palace” (hereinafter – Hotel or Asset), through a competitive sale process (hereinafter – Transaction). As part of this process, the Privatization consultant KPMG Valuation and Consulting LLC (hereinafter - KPMG) carried out work to establish contacts with potential investors in order to determine preliminary interest in the Asset (Market Sounding).
By this announcement, the State Assets Agency invites all potential participants (hereinafter - Applicant) to submit Express of interest in participating in the Transaction.
Applicants are invited to submit an application in the form of a letter in English, Russian or Uzbek (at the discretion of the applicant), and signed by an authorized representative of the applicant (hereinafter - the Application), sent to e-mail address:
The Applications will be accepted until August 8, 2022, 18:00 (Tashkent time).
The application process is open to all interested parties. All applicants will be included in the register of potential participants in the sale process.
The Seller and the Consultant reserve the right to request any additional information from Applicants, which may include incorporation papers, financial solvency data, as well as certificates of the absence of restrictions that may affect participation in the Transaction.
The received applications will be selected for compliance with the following criteria:
- sufficient financial resources to acquire a state share;
- absence of any judicial, administrative, arbitration or other proceedings, the result of which may be prohibition on participation in the privatization process;
- compliance with the Law of the Republic of Uzbekistan No. 660-II (as amended on January 15, 2019) "On countering the legalization of proceeds from criminal activity, the financing of terrorism and the financing of the proliferation of weapons of mass destruction".
Detailed sequence of the sale process and its conditions will be additionally informed to Applicants.
A Non-Disclosure Agreement (NDA) will be signed with potential investors who are qualified for the next step, and access will be granted to a Virtual Data Room (VDR) where general information about the Asset's activities will be available.
If you have any questions, you are invited to reach out to the email listed above.
One of the international companies "Big Four" (BIG4) attracted in the valuation of the Hotel as a share (business), and the recommended value, based on their Asset valuation report, will be taken as a benchmark in the sale process.
Additional terms
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.
