The investment will total 7 billion tenge.
The innovative construction holding BI Group will build the international Hampton by Hilton Tashkent Park Abdula Kodiri hotel in the capital of Uzbekistan. The company is not only the developer but also the investor in the project. The investment will total 7 billion tenge.
A capsule-laying ceremony for the future hotel took place on March 20.
The Kazakh side was represented at the ceremony by Aydin Rakhimbayev, Chairman of the Board of Directors of BI Group, and Kanat Khasenov, Minister-Counselor of the Embassy of the Republic of Kazakhstan in Uzbekistan. Sharof Rakhmanov, Deputy Mayor of Tashkent for Investments, and Murad Nazarov, founder of Murad Buildings, participated on the Uzbek side.
Hampton by Hilton Tashkent Park Abdula Kodiri is the fourth joint project between BI Group and Hilton Worldwide. In 2017, the holding company built Hilton Astana in Nur-Sultan, and in 2020, Hampton by Hilton Turkistan in the spiritual capital of Kazakhstan, Turkestan.
Construction is currently underway on a Hilton hotel on the shores of the Caspian Sea in the new tourist center of Aktau. Last year, BI Group signed a master agreement with Hilton Worldwide to build 10 Hampton by Hilton hotels in Central Asia.
The company's strategy is to build a Hilton hotel chain in Kazakhstan and Uzbekistan in accordance with a master agreement with Hilton Worldwide to build 10 Hampton by Hilton hotels in Central Asia. This agreement will be implemented over the next five years.
The project in Tashkent will begin in May 2021 and is scheduled for completion in June 2022.
"Uzbekistan is experiencing a tourism boom. The number of tourists visiting the country has tripled in three years, reaching 6 million in 2019. Tourism revenue also increased during this period, from $430 million to $1.313 billion. The project will create comfortable conditions for guests visiting Tashkent, and local residents will gain invaluable experience working in the renowned international Hilton hotel chain. I would also like to highlight the hotel's affordable pricing policy. The project will be an example of successful business cooperation between our two fraternal republics," noted Aydin Rakhimbayev, Chairman of the Board and Director of BI Group.
The new facility will be built in the heart of the city. The hotel will feature 120 rooms and a business center. The construction will create dozens of new jobs.
BI Group's first project in Tashkent was the NRG Oybek residential complex, with a total area of 66,000 square meters, investing $33 million. In partnership with Murad Buildings, the Kazakh company is developing in Uzbekistan in several areas—residential, commercial, and infrastructure construction, as well as facility management. The partners have set an ambitious goal of becoming a leader in the Uzbek construction market, achieving annual construction volumes of 500,000 square meters. BI Group also plans to open the first "Mother's House" in Tashkent as part of its charitable activities.
Source: Forbes
