TASHKENT MONEY FLOW
Uzbekistan’s hotel market rebounded hard in 2025 — occupancy up 4.5 points to 53.4 percent, ADR up 7.8 percent to $131 — while tourism-service exports reached roughly $4.7 billion. In Tashkent itself, $5.6 billion of investment arrived in the first nine months of 2026 alone.
The national hotel cycle turned up in 2025 after a supply-driven dip: 2024’s new openings in Tashkent and Samarkand had pushed occupancy down to 51.1 percent and ADR down 10 percent in the first half of that year; by H1 2025 occupancy recovered to 53.4 percent, ADR to $131.13 and RevPAR jumped 12.6 percent to $70.01. The formal stock keeps growing — 2,383 hotels and 79,500 beds nationwide in 2024, with Tashkent city holding 844 facilities, 14,211 rooms and 28,348 beds — and national occupancy reached 47.5 percent in 2024 against 25.8 percent in the pandemic trough. Tourism-service exports of approximately $4.7 billion make the sector one of the country’s largest hard-currency earners.
Tashkent’s mayor reports $5.6 billion of investment into the city in the first nine months of 2026, toward a $9 billion full-year target, with 14 industrial and tourism projects under review that should yield $3 billion of output once operational. The anchor projects are known: DP World’s $288 million logistics terminal, the $2.5 billion new airport PPP, and New Tashkent — where $2 billion of construction is complete against a $50 billion first phase across 6,000 of 20,000 allocated hectares. In October 2026 alone, the satellite city commissioned seven facilities worth $1 billion and broke ground on ten more worth $2.5 billion, including the 818,000-m² Metropolis business complex with a hotel component.
THE TIO READ
Tashkent’s money flow is unusual in this series: the state is not regulating a market, it is constructing one — airport, dry port, satellite city, metro lines, all at once, financed by a decade of reform credibility and Gulf capital. The hotel metrics say the demand side is real. The execution risk is concentration: too many flagship projects share the same 2026–2030 window, the same contractors and the same fiscal patience.
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