TEG SPV, a subsidiary of Uzbekistan-based TEG Overseas (TEG), has entered a non-binding preliminary deal to acquire the Alfraganus development in Tashkent.
The transaction will add 1,210 hotel rooms to the hospitality group’s holdings.
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According to a statement, the complex includes six internationally branded hotels, including Fairfield by Marriott, Hilton Garden Inn, Holiday Inn Express, Hyatt Place, ibis, and Wyndham Garden.
Arranged across various price points for corporate and leisure guests, the properties sit alongside a 7,200m² conference and events venue.
The statement said: “The acquisition would expand TEG’s portfolio of hospitality and MICE [meetings, incentives, conferences/conventions, and exhibitions] assets while advancing its position as a champion of Uzbek hospitality.”
As both TEG and the seller, Dreams Island, belong to AKFA Group, the proposed transfer constitutes a related-party transaction.
TEG intends to run the hotels using its existing operational workforce, integrating the properties into its wider accommodation business after the purchase is completed.
The complex is in its final phase of construction and is expected to be completed in the second quarter of 2027.
TEG Board of Directors chairperson Anita Mendiratta said: “The strength of TEG has always been growth based on holistic tourism ecosystem development. The proposed acquisition of Alfraganus represents an important step in executing our robust growth pipeline.
“The scale and quality of Alfraganus would make it a compelling addition to our portfolio, assuming the acquisition is consummated, and a meaningful opportunity to expand our year-round hospitality and events offering as Uzbekistan emerges as an international tourism and MICE hub.”
