The Turkish Demir Group will build the Eski Shahar (Old CIty) tourist zone in the old part of Tashkent. The company has set up special purpose joint venture: Inter Tourism to this end.
The President of Uzbekistan by his September 7 decree approved the proposal to sell the buildings and facilities of the former Chorsu hotel complex to Demir Group at "zero" redemption value.
Demir Group signed a memorandum of cooperation with the Tashkent city mayor’s office, as well as the Committee for Investments and Tourism Development Committee, which envisages the rebuilding of the hotel into a hotel complex with business center.
The company’s investment and social obligations include drawing of at least $ 33 million worth of investments within two years, from own and other sources without guarantees of the government of Uzbekistan and creation of at least 350 jobs for locals.
Eski Shahar tourist zone is expected to include a modern hotel, shopping and leisure centre, health and tourism complex with traditional handicraft shops, using the cultural, spiritual and religious facilities of the old Tashkent.
An international hotel brand should be engaged for the management of the planned four star hotel complex, with 270 rooms, restaurants, shops, SPA-salons and other facilities.
JV Inter Tourism, its contractors and subcontractors until the end of the planned project completion date (December 31, 2019) will be granted customs privileges, and after the commissioning the tourist zone will be exempt from income, property, land tax, as well as deductions to the road fund for a period of seven years.
