$TEGO · TEG OVERSEAS, INC.
On November 3, 2026, TEG SPV LLC, a substantially wholly-owned subsidiary of TEG Overseas, entered a non-binding preliminary agreement to buy the Alfraganus hotel complex from Dreams Island LLC, an affiliate of the Company. The complex, under construction in Tashkent, comprises six branded hotels (Hyatt Place, Hilton Garden Inn, Fairfield by Marriott, Ibis, Holiday Inn Express, Wyndham Garden) totaling 1,210 rooms plus a conference hall. TEG SPV would pay UZS 12,000,000,000 (~US$1,000,000) and assume US$100,000,000 of debt owed to JSC Halyk Bank under a March 20, 2025 term facility. The agreement is non-binding and subject to bank consent, brand-owner consents, and other conditions.
- Purchase price is UZS 12B (~US$1M) plus assumption of US$100M Halyk Bank debt.
- Complex totals 1,210 rooms across six branded hotels and a shared conference hall.
- Loan carries 8% interest (8.5% if turnover test unmet), maturing December 31, 2031.
- Main Agreement must be signed by June 30, 2027, extendable three months by buyer.
- Deal is non-binding; no obligation to complete the transaction exists.
Price data unavailable.
A related-party, non-binding deal that would load $100M of debt onto a subsidiary for a ~$1M cash price.
Related-party transaction with an affiliate seller; the $100M debt assumption dwarfs the nominal UZS 12B purchase price.
Non-binding agreement may never close; requires Halyk Bank consent, brand-owner consents, and asset commissioning/title registration. Assumption of $100M debt materially increases leverage.