The Cabinet of Ministers issued a resolution “On measures on completing construction of hotel of international class in Tashkent city” on 30 September 2015.

The resolution said that Tashkent city administration and Hyatt International (Europe, Africa, Middle East) Limited signed an agreement on main conditions of agreement on management of hotel and providing right to use of Hyatt Regency trade mark.

The parameters of the project “Construction of hotel of international class in Tashkent city with estimated cost of US$205 million was agreed with Hyatt International.

The project envisages construction of international class hotel with 301 rooms, auxiliary buildings and facilities by 1 July 2016.

Apeas Muhendislik Insaat Taahhut ve Dis Ticaret A.S (Turkey) was selected as sub-contractor for internal engineering and finishing works, as well as equipment of the hotel.

The Government of Uzbekistan allowed Hyatt International, Hyatt International (Europe, Africa, Middle East) Limited, Hyatt Chain Service Limited, Hyatt Golden Passport (Travel) Ltd and other related companies to work in Uzbekistan without registration.

The Government allowed People’s Bank of Uzbekistan to provide 100 billion soums of loan from Accumulated Pension Fund to Poytaht Qurilish va Hizmat for seven years with one year grace period. The interest rate is 9% APR.

The loans of the Fund for Reconstruction and Development of Uzbekistan and People’s Bank of Uzbekistan due to resources, received from main activities of the hotel, the resolution said.

Poytaht Qurilish va Hizmat was set as responsible organization for efficient and targeted use of loans and timely realization of the project.

Tashkent city administration and other bodies were entrusted to carry out timely and quality expertise of the project and submit feasibility study of the project to the Cabinet of Ministers till 1 January 2016.

Ministry of Economy and Ministry of Finance were entrusted to allocate 77.4 billion soums from centralized investments to finance the construction and equipment of hotel.