Tashkent City Administration, the Fund for Reconstruction and Development of Uzbekistan and Hyatt International (Switzerland) have reached an agreement on cooperation to build a luxury hotel in Tashkent and ensure its operation in accordance with international standards.

Hyatt International will provide technical advice during the design, construction and equipping of the hotel. Also, the Swiss company will give the right to use the brand Hyatt Regency and a $5 grant after hotel opening.

The new hotel will be built in 2012-2013 and completed in the 4th quarter of 2013. The 294-room hotel is planned to be erected in Alisher Navoi Street. Tashkent City Administration establishes a special enterprise Poytaht Qurilish va Hizmat to run the construction and subsequent management of the hotel.

The total project cost is $113 million, including $71 million provided from the National Budget of Uzbekistan, and $42 million loan from the Fund for Reconstruction and Development of Uzbekistan. President has allowed July 1, 2013 the developers to run building along with the development of construction documents.

The multinational corporation Hyatt is one of the leading international hospitality companies, offering services in more than 370 hotels and resorts in 44 countries worldwide.

Last year alone, more than 124 travel companies and 55 hotels emerged Uzbekistan. Another 77 hotels, 90 tourist sites and 70 service sites are planned to appear until the end of this year. (Source: Uzbekistan Today Newspaper)