InterContinental pulls out of Uzbekistan

By bne IntelliNews June 1, 2012

bne -

The InterContinental Group has pulled out of Uzbekistan, where it managed the country's only five star hotel, the InterContinental Tashkent. The international hotel chain, which has been active in Uzbekistan since the hotel opened in 1997, did not say why it was leaving.

However, according to reports in the Uzbek media, there is speculation the company has quit because the Ministry of Foreign Economic Relations, Investment and Trade, which owns the hotel, has stopped fulfilling its partner obligations. The new management has reportedly changed the hotel's name to "InContinental Tashkent Hotel".

News of the pull out is surprising given that Angela Brav, InterContinental's European CEO, said in an interview with irn.ru in April 2012, that it was in talks with the Uzbek government on opening new hotels in the Silk Road cities of Samarkand, Bukhara and Khorezm.

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