BAKU, Azerbaijan, Feb. 18
By Ilkin Seyfaddini – Trend:
Tashkent hotel Chorsu was sold for 16.9 billion soum (nearly $1.8 million) at the auction, the winner of which Ittihad International Investment LLC from the UAE, Trend reports citing Uzbek media.
The auction was held February 17 at E-ijro Auksion on-line trading platform. The starting price, which made up one soum, reached 16.9 billion soum (almost $1.8 million) within ten hours of bidding.
In case the investor refuses the deal, the hotel will go to the next buyer, Fajr Al Mustaqbal General Trading LLC (the UAE), which is ready to pay 16.8 billion soum ($1.75 million), the report says.
Hotel Chorsu was put up for auction with strict requirements to the buyer that undertakes to invest at least $25 million in the hotel within two years, ensure the level of at least three stars and create 150 new jobs.
For 10 years, the owner has no right to change the core business of Chorsu, i.e. to provide hotel services. However, it is allowed to create a business center on half of the complex area.
For the first time, hotel Chorsu was put up for auction in September 2019 for one million soum ($105) of starting price.Chorsu is a legendary place on the map of Tashkent. Built in 1982, the 23-storey building with original shape - and three rounded towers connected by spans - was one of the highest in the city. At the same time, the main property of the hotel, which then was called "Moscow", was seismic resistance.
---
Follow author on Twitter: @seyfaddini