80% stake in Soviet Brutalist Hotel Uzbekistan bought by Singapore's Bashan Investment Group

80% stake in Soviet Brutalist Hotel Uzbekistan bought by Singapore's Bashan Investment Group
If you want Soviet Brutalist, you want Hotel Uzbekistan. / Benjamin Goetzinger.
By bne IntelIiNews May 29, 2020

Singapore's Bashan Investment Group has bought an 80.13% stake in Hotel Uzbekistan, regarded as a prized landmark example of Soviet Brutalist architecture, for $23.2mn after offering the highest bid. 

The bidders included six companies from the UK, Turkey, the UAE and Singapore. 

The shares in the 17-storey and 254-room Hotel Uzbekistan, built 46 years ago in the heart of Tashkent and spoken of as Uzbekistan's most famous hotel, were sold by the State Asset Management Agency. 

The $23.2mn amount will be paid within the next 24 months. Bashan is also required to invest an additional UZS400bn (€35.7mn) in the next 18 months.

Hotel Uzbekistan boasts a huge ballroom, very popular with wedding parties. Its design features geometric shapes with visible local influences, minimal ornamentation and a flat roof, all features common to Soviet architecture.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Uzbekistan can expect GDP growth of 5.2% this year and 5.4% next, says IMF

The International Monetary Fund (IMF) projects real GDP growth of 5.2% this year and 5.4% in 2025 for Uzbekistan in its newly released ... more

Tashkent Stock Exchange reports decline in 1Q24 trading volume

Tashkent Stock Exchange (TSE) has released its results for 1Q24, revealing a significant decrease in trading volume y/y. The results report, compiled by the TSE and Avesta Investment Group, ... more

Uzbekistan's basalt industry attracts $498mn investment

Uzbekistan’s basalt industry has attracted an investment of $498mn. The focus on basalt stone mining and fibre production, particularly in the Forish district of Jizzakh region, has become a ... more

Follow Us On

Most Read

  1. Ukraine's birth rate plummets to 300-year low as country’s population collapses
    6 days ago
  2. Fresh evidence suggests that the April 2022 Istanbul peace deal to end the war in Ukraine was stillborn
    6 days ago
  3. Russia’s war economy boosted by rising oil prices
    7 days ago
  4. Russia’s $13.4bn current account surplus in March second highest since 2007
    6 days ago
  5. Iran vs Israel: Who is better equipped for war?
    10 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    24 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    28 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. BRICS announce a blockchain-based payment system to create a common currency
    26 days ago
  5. UBN: Russia could take the Baltic states in 48 hours
    1 month ago

Reports

Dismiss