TEG SPV to Acquire Alfraganus Hotel Complex for $1M + $100M Debt
TEG Overseas, Inc. announced that its subsidiary, TEG SPV LLC, has signed a non-binding preliminary agreement to acquire the Alfraganus hotel complex in Tashkent, Uzbekistan. The complex comprises six internationally branded hotels totaling 1,210 rooms and a 7,200-square meter conference and events venue. The proposed acquisition price is approximately $1,000,000, plus the assumption of $100,000,000 in existing bank debt. The deal is subject to several conditions, including the negotiation of definitive agreements and obtaining necessary consents and approvals. This transaction is considered a related-party transaction as both entities are part of the AKFA Group.
Key Highlights
- TEG SPV LLC entered a non-binding preliminary agreement to acquire the Alfraganus hotel complex in Tashkent.
- The Alfraganus complex includes six hotels (Hyatt Place, Hilton Garden Inn, Fairfield by Marriott, ibis, Holiday Inn Express, Wyndham Garden) and a conference hall.
- The proposed acquisition price is UZS 12,000,000,000 (approx. $1,000,000) plus assumption of $100,000,000 in bank debt.
- The acquisition is subject to definitive agreements, third-party consents, regulatory approvals, and bank consent.
- The preliminary agreement is expected to become binding by June 30, 2027, with a potential three-month extension.
- The transaction is a related-party transaction as TEG and Dreams Island LLC are part of AKFA Group.
Price Impact
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