President of Uzbekistan Shavkat Mirziyoyev signed a resolution on 7 September,2017 to approve a proposal to sell buildings and structures of the former hotel complex “Chorsu” in Tashkent to Demir Group for “zero” redemption value.

The Turkish company, Tashkent city administration, the State Committee of Uzbekistan for Investments and the State Committee for Tourism Development signed a memorandum of cooperation. Within the framework of the document, Demir Group will reconstruct the hotel with the creation of a hotel complex and a business center.

Demir Group accepted investment and social obligations for at least US$33 million. Investments will be made within two years.

Tourist zone “Eski Shahar” (Old City) will consist of a hotel, a shopping and entertainment, health and tourism complexes. Shops and workshops of handicrafts will also operate in the zone.

The hotel complex will consist of 270 rooms. The hotel will also include restaurants, shops and a SPA-salon.

Inter Tourism, a joint venture, was created to implement the project. The head of Uzbekistan granted tax and customs privileges to the joint venture.