Tashkent, Uzbekistan, Sept. 12
By Demir Azizov – Trend:
Turkey’s Demir Group will build Eski Shahar tourist zone in the territory of former Chorsu hotel in Tashkent, the city administration told Trend Sept. 12.
The suggestion to sell the buildings and facilities of the former Chorsu hotel complex was approved by a special presidential decree.
Demir Group signed a memorandum of cooperation with the Tashkent city administration, Uzbekistan’s State Committee for Investments and State Committee for Tourism Development, which provides for the reconstruction of the hotel and creation of a hotel complex and a business center.
In accordance with the memorandum for implementing the project, Demir Group undertakes obligations on attracting investments in the amount of at least $33 million without the Uzbek government's guarantees.
The Eski Shahar tourist zone will include modern hotel, shopping, entertainment, recreation and tourist complexes with traditional handicraft shops.
The hotel complex, for managing which a partner with international hotel brand must be attracted, will have 270 rooms, restaurants, shops, spa salons and landscaped area with necessary infrastructure.
A joint venture Inter Tourism was created to implement the project.
Customs privileges were granted to Inter Tourism as well as its contractors and subcontractors until 2020. After the commissioning of the tourist zone, Inter Tourism will be exempted from paying income, property and land taxes, and contributions to the road fund for a period of seven years.