Who Will Be the New Owner of Tsaghkadzor's Golden Palace Hotel?

The newspaper "Joghvourd" reports that the State Property Management Committee of Armenia hopes that by the end of the year, the Golden Palace Hotel in Tsaghkadzor will have a new owner. Despite only 12 days left until the hotel auction, "Joghvourd" has learned that only one company intends to submit a bid.

The auction features a 19,758 square meter building located at the address Tanazaghbyur in the Kotayk Region’s Tsaghkadzor, along with 3,257 units of movable property and a land plot of 1.38 hectares designated for use and maintenance. The advance payment for the hotel is set at 376 million 322 thousand 890 drams.

Narek Babayan, head of the State Property Management Committee, told "Joghvourd": "There is one company from abroad that has applied; we are currently resolving issues related to the documentation in order to execute the monetary transfer, because we are talking about a large amount of money, specifically 5 percent of the appraised value that needs to be transferred."

For more details, refer to today’s issue of the newspaper.