Alfa Invest JSC completed the acquisition of 100% shares of Tashkent New Palace LLC, the management company of the Lotte City Hotel Tashkent Palace, for $20 million. The tender was organized by the State Asset Management Agency of the Republic of Uzbekistan.
About the acquired asset
Lotte City Hotel Tashkent Palace is a five-star hotel in the business center of Tashkent, 294 rooms, conference rooms for up to 800 people, restaurants, a spa and a fitness center. The hotel is part of the international Lotte Hotels & Resorts chain.
Strategic context
The investment strengthens the group’s position in the commercial real estate and hotel business segment of Uzbekistan. The acquisition diversifies the company's investment portfolio, complementing the insurance business with assets with sustainable cash flow.
“This is a strategic investment in the dynamically developing tourism and business potential of Uzbekistan. We see significant potential for growth in the value of the asset over a 5-7 year horizon.”
Chairman of the Board, Alfa Invest