Carte Capital meets South Korean investors in Tashkent

On 3 November 2026 the Carte Capital team met in Tashkent with investors from South Korea who are considering investments in Uzbek real estate. The main topic was hotel real estate: market trends, international chains’ projects and possible forms of participation, from investing in operating hotels to financing new construction.

The meeting took place at the DoubleTree by Hilton Tashkent. It opened in April 2026 as the brand’s first hotel in Uzbekistan (UzDaily) and operates under a Hilton franchise: the chain provides the brand, standards and booking system, while the owner runs the hotel itself or through a management company. For investors it is a clear entry model: the hotel gets an international brand and the property stays with the owner.

Korean capital is no newcomer to Uzbekistan. More than 700 companies with Korean capital operate in the country (Trend), and Lotte Group owns the Lotte City Hotel Tashkent Palace.

Hotels: what is happening in the market

International chains are expanding fast. As of 1 August 2026 Uzbekistan had 51 hotels under 31 international brands with 6,664 rooms; the branded network grew by almost 28% in seven months (Uzbektourism). About 10.3 million foreign visitors arrived in January–September 2026, 20.4% more than a year earlier (Kun.uz).

Who is already in Tashkent. Besides DoubleTree, Hilton has Hilton Tashkent City, Hampton by Hilton and a Curio Collection hotel in the capital, plus Hilton Garden Inn and Hilton Samarkand Regency in Samarkand (Hilton). IHG runs InterContinental, voco, Crowne Plaza and Holiday Inn Tashkent City, with a Garner Hotel due in 2027 (IHG). Hyatt Regency Tashkent, JW Marriott Tashkent and Wyndham Tashkent also operate in the city.

Hyatt in the mountains. In July 2026 Beldersoy Resort and SPA opened in the Chimgan mountains, about 70 km from Tashkent, as the country’s first Destination by Hyatt resort: 109 rooms and 36 villas at around 1,600 m, with access to ski slopes and a gondola (Hyatt). It is Uzbekistan’s first premium mountain resort; Amirsoy and a new four-season resort in Chimgan are developing nearby.

New projects. The Alfraganus complex in Tashkent will bring together six internationally branded hotels with 1,210 rooms and a 7,200 m² events venue; commissioning is expected in the second quarter of 2027, and the international group TEG is preparing to acquire it (Hotel Online).

Samarkand and Bukhara: money for infrastructure

Samarkand’s tourism infrastructure got a push from the 2022 SCO summit: the Silk Road Samarkand complex, eight hotels with about 1,200 rooms and a congress hall, was built for it at a cost of about $580 million (PR Newswire). In 2026 the Samarkand region is receiving UZS 5.2 trillion for development, including a $100 million interest-free loan from the Fund for Reconstruction and Development (Anhor).

In early November the president announced $30 billion of projects in the Bukhara region. They include water and sewerage with the Asian Infrastructure Investment Bank ($385 million, plus $248 million for a second phase), a Bukhara bypass, a new $300 million airport due by 1 September 2027, and a toll road and high-speed railway between Samarkand and Bukhara that will cut the journey from five hours to one and a half (UzDaily, Gazeta.uz). For hotels in the historic cities, this means more guests and longer itineraries.

Residential in brief

In January–August 2026 the country registered 222,500 housing transactions, 18.4% more than a year earlier, with Tashkent up 27.5% (UzDaily). Prices rose more than 6% year on year (Daryo), and Tashkent rents 9.1% (Kursiv).

Takeaway: tourist flows are growing, international brands come in through local owners, including by franchise, and the state is investing in roads and airports for the historic cities. Carte Capital will continue working with the Korean investors on specific hotel projects (Carte’s hotel projects).