Tashkent’s Chorsu hotel was sold for 16.9 billion soums, or US$ 1.7 million to the UAE-based Ittihad International Investment LLC.
The auction took place yesterday at E-ijro Auksion site. The starting price of one soum in ten hours of trading topped 16.9 billion soums. In the event that the investor refuses to commit to the transaction, the hotel will pass to the next buyer, Fajr Mustaqbal General Trading LLC, which is ready to pay 16.8 billion soums.
The Chorsu Hotel was put up for sale in January, with the buyer obliged to invest at least 25 million US dollars within two years, and a three-star hotel and creating 150 jobs.
For 10 years, the owner has no right to change the main activity of Chorsu, that is, the provision of hotel services. However, it is allowed to create a business center in half the area of the complex.