Uzbekistan allocates $42 mln for construction of Hyatt Regency hotel in Tashkent
Uzbekistan, Tashkent, May 10 / Trend D. Azizov /
The Fund for Reconstruction and Development of Uzbekistan (FRDU) provided the administration of Tashkent with a loan worth $42 million to build a five-star hotel under the brand name Hyatt Regency worth $113 million.
The loan term is for 12 years including a two-year grace period. Interest rate is three per cent per annum.
As reported earlier by Trend, in early April 2012 one of the largest hotel operators Hyatt International, the administration of Tashkent and the 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 granting $5 million after commissioning the hotel.
The 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.
Construction of the hotel is provided under the decision of the President of Uzbekistan Islam Karimov 'On measures on organisation of construction of international class hotels in the city of Tashkent'.
Currently there is only one, five star hotel, managed by the British Intercontinental chain.