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Hyatt International to Build $113 Million
294-room Hotel in Tashkent, Uzbekistan

To be Complete by Year-end 2013

By D.Azizov, Trend News Agency, Baku, AzerbaijanMcClatchy-Tribune Regional News

April 07, 2012--One of the largest international hotel operators Hyatt International will build the highest category hotel worth $113 million in Tashkent by the end of 2013.

Construction of the hotel is provided by the decision of President of Uzbekistan Islam Karimov "On measures on organization of construction of international class hotels in the city of Tashkent."

The document states that Hyatt International, the administration of Tashkent and the Reconstruction and Development Fund of Uzbekistan (FRDU) signed an agreement to build a luxury hotel with 294 rooms in 2012-2013.

Under the agreement, Hyatt International will provide technical advisory services during the design, construction and equipment of hotel management services to the hotel, the right to use Hyatt Regency hotel brand, as well as grant $5 million after commissioning the hotel.

State Unitary Enterprise Construction and maintenance of capital will be established in Tashkent in order to implement the project

Financing of the project will be implemented through the funds of the budget amounting to $71 million and credit of the Fund for Reconstruction and Development of Uzbekistan in the amount of $42 million.

Currently there is only one "five star" hotel, managed by the British Intercontinental and nine "four-star" hotels.

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(c)2012 Trend News Agency (Baku, Azerbaijan)

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