The agency said that Hyatt International, Tashkent city administration and Fund for Reconstruction and Development of Uzbekistan (FRDU) signed agreement on construction of hotel with the cost of US$113 million in 2012-2013.

In line with the agreement, the sides are planning to construct new hotel with 294 rooms in the central part of Uzbekistan.

New hotel will be commissioned in the fourth quarter of 2013. Poytaht Qurilish va Hizmat enterprise will be founded for project implementation.

Hyatt International will provide technical consulting services at designing, construction and equipment of new services. It will also render services on hotel management and provide right to use Hyatt Regency trademark. Hyatt International will also allocate US$5 million grant after the launch of hotel.

The project will be financed due to resources of the state budget of Uzbekistan for US$71 million and loan of FRDU for US$42 million.