Operations of Tsaghkadzor's Golden Palace Hotel Suspended

The operations of the Golden Palace Hotel in Tsaghkadzor have been suspended amid the ongoing process of donation to the state.

According to Narek Babayan, the chairman of the State Property Management Committee of the Ministry of Economic Development and Investments of Armenia, this information was shared during a conversation with Armenpress.

"The current owner, the son of former head of the State Revenue Committee, Armen Avetisyan, has suspended the hotel’s operations to avoid additional expenses. The Golden Palace is currently under a preservation regime, and we are trying to expedite the acceptance process," Babayan stated, adding that the current owners are managing the preservation functions because it is still their property.

When asked how long the donation process would take, Babayan did not specify but noted it could be one month or possibly longer. "It all depends on the opinions of the Ministries of Finance and Justice. I believe at least a month will be required," he said.

Responding to inquiries about the casino operating within the hotel, Babayan emphasized that the same process is being conducted regarding the casino as well.

He indicated that following the donation to the state, the building would likely operate again as a hotel. "The building is constructed and furnished with hotel conditions, and I currently do not see any other option. The best scenario would be to conduct a tender for operators to submit suitable proposals. Even in the case of an auction, the buyer of the building would need to manage it," Babayan stressed.

Armenian Prime Minister Nikol Pashinyan announced that the family of former head of the Customs Service, Armen Avetisyan, had approached the State Property Management Department to inform that they are donating the Golden Palace Hotel in Tsaghkadzor to the state.