Tashkent, Uzbekistan (UzDaily.com) — Four bidders have advanced to the next stage of the privatization process for the state’s share in the charter capital of LLC InterHotel, according to the Agency for State Asset Management.

The international company Deloitte was brought in as a consultant for the privatization of this asset, while Ernst & Young acted as an independent evaluator.

According to the Agency, six investors participated during the submission of non-binding offers (NBO), but only four submitted proposals. These proposals were reviewed by the consultant and were deemed to meet the requirements for this stage.

As a result, all bidders were approved to proceed to the next stage of the privatization process—the submission of binding offers (BO).

At this next stage, participants will gain access to a virtual data room (VDR) that contains comprehensive financial, legal, and operational information about the asset, including a detailed due diligence report prepared by the consultant. Participants will also have the opportunity to visit the property and ask questions of the management team.

Binding offers (BO) for the acquisition of the asset will be accepted by the consultant until 23:59 (Tashkent time) on October 21, 2024.

Additionally, by this deadline, bidders must deposit at least 1% of their proposed purchase offer as a guarantee payment through their personal account on the "E-auksion" electronic trading platform.

This guarantee payment will be refunded to the participants at the end of the process, while the winning bidder’s payment will be credited to the Privatization Fund as part of the acquisition payment.

The InterHotel features 232 rooms, 7 conference halls, 2 restaurants, bars, an open terrace, and a fitness club with a swimming pool.

The total area of the buildings and structures amounts to 45,000 square meters, while the land area is 3 hectares.

The hotel operates under a sublicensing agreement with the Accor Group, allowing it to use the Mövenpick brand, as well as Accor’s TARS reservation and IT systems.