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    World

    Azerbaijani Pasha Holding subsidiary to construct $200 mn Ritz-Carlton hotel in Uzbekistan

    Azerbaijani Pasha Holding subsidiary to construct $200 mn Ritz-Carlton hotel in Uzbekistan

    The Azerbaijani Pasha Holding, through its subsidiary PD Estates, sets to build a Ritz-Carlton brand hotel in Tashkent, Spot.uz reported. The project, estimated at $200 mn, is part of the investment program for Q1 2024, approved by the Cabinet of Ministers on February 14.
    Photo: The Ritz-Carlton Hotel
    Source: Spot.uz

    The 5-star hotel, scheduled for commissioning in 2026, will feature 150 rooms. Of the total project cost, $7 mn of investments (loans) are planned to be disbursed by the end of the quarter.

    The Ritz-Carlton Hotel Company’s plans to enter the Uzbekistan market were first reported in the winter of 2018. Initially, it was assumed that the company could take over the management of one of the hotels on the territory of the Tashkent City business centre.

    In July of the same year, the centre’s management announced that Ritz-Carlton would take part in one of the projects. For the construction of a multifunctional complex with a hotel, apartments, business centre, and boutiques, more than 1.5 hectares were provided on the territory of Tashkent City.

    The design of the future complex was entrusted to the Japanese Nihon Sekkei and DP Architects. The construction will be carried out by Murad Buildings, an experienced developer known for its work on major projects such as Nest One, the tallest building in Uzbekistan.

     

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    22.02.2024, 18:01   Comments (0)   3622
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    ##AzerbaijanInvestment##PashaHolding##RitzCarltonTashkent##TashkentHotel

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