Tashkent, Uzbekistan (UzDaily.com) —  Smart Fast Stroy LLC has won the tender to privatize the International Hotel in Tashkent, offering US$26 million for the property.

The privatization process of the hotel was announced by the Agency for the Management of State Assets in May 2024. Deloitte, an international consulting company, was appointed as the privatization advisor, while EY conducted an independent valuation of the property.

At the Expression of Interest stage, the consultant received six applications from local and international investors from the Middle East, East Asia, and Europe. All six candidates who met the established criteria were invited to proceed to the next stage — submitting non-binding offers (NBOs).

Of these, four contenders submitted their NBOs within the prescribed timeframe and were allowed to proceed to the final stage of the privatization process — submitting binding offers (BOs). In the end, three candidates submitted their BOs on time.

The winner of the tender was Smart Fast Stroy LLC, which submitted the most competitive price for the acquisition of the International Hotel. The deal amount totaled US$26 million, which includes the investor’s obligation to settle the hotel’s debt to the bank, amounting to 14.7 million euros. The total investment by the buyer in this transaction will exceed US$41 million.

It is noteworthy that the company’s offer was significantly higher than the valuation calculated by EY and is at the upper end of the indicative price range determined by Deloitte.

The results of the tender were approved by the State Commission for Privatization and Coordination of Privatization Processes.

The International Hotel has 232 rooms, seven conference halls, two restaurants, bars, an outdoor terrace, and a fitness club with a swimming pool. The building’s total area is 45,000 square meters, and the land plot is 3 hectares.

Additionally, the hotel operates under a sublicensing agreement with the Accor group, allowing the use of the Mövenpick brand, booking systems, and other IT solutions of the TARS Accor Hotels network.