The Golden Palace Hotel in Tsaghkadzor to Be Auctioned Starting at $16.5 Million: Babayan

A final decision has been made to auction the Golden Palace Hotel in Tsaghkadzor starting at a price of $16.5 million. This was stated by Narek Babayan, the chairman of the State Property Management Committee, in an interview with Armenian Time.

"We are currently carrying out the final acceptance and registration work. It’s only a matter of a few days," said Babayan. He noted that there are already interested parties, although no names were disclosed.

It is worth mentioning that on September 26, the Government of Armenia approved the issue of transferring the property owned by Golden Palace LLC to the state. Last year, the National Security Service reported that the Golden Palace Hotel was built in Tsaghkadzor between 2010 and 2012, and that the owner had become a company named Golden Group Limited, established in Douglas, England, which was entirely owned by Artashes Avetisyan, the son of the former head of the Armenian customs committee, Armen Avetisyan. He had expressed a desire to donate the hotel to the state.