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.
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