A US small business will use political risk insurance from the Overseas Private Investment Corporation (Opic) to upgrade a three-star hotel in Uzbekistan and complete construction of another, helping the country draw a new generation of tourists to its Silk Road attractions, Opic president and CEO Peter Watson has announced.
Opic will provide US$590,000 in insurance to O&S Consulting of Gig Harbor, Washington, for improvements to the Hotel Malika in Tashkent, including upgrades to its satellite and security systems, parking and banquet facilities, and construction of a conference room; and to complete construction of another Hotel Malika, in Khiva.
The Hotel Malika in Tashkent and the Hotel Malika in Khiva are owned by Takoma and Khiva Malikasi, respectively, both Uzbek-American joint venture companies.
“Uzbekistan, located along what was once the main part of the historic Silk Road and home to many ancient monuments and natural attractions, has the potential to become an international tourist destination. These two hotels are well-positioned to take advantage of Uzbekistan’s steady flow of tourists, who are attracted by affordable hotel rates but are looking for accommodations with western standards,” Watson says.