Government to Discuss Acceptance of 'Golden Palace' Hotel Donation

The agenda of today's government meeting includes the issue of accepting a donation of the building and movable property of the 'Golden Palace Hotel' LLC, which is valued at 7,535,889,000 AMD as of April 19 and June 11, 2019. The property in question is located at 34/1 Tantsaghbyur Street, Tsaghkadzor, Kotayk province, Armenia, and covers an area of 19,758 square meters. It includes 1.38 hectares of land allocated for its use and maintenance, as well as the movable property within the buildings, as detailed in the appendix (hereinafter referred to as Property).

Notably, the Director General of 'Golden Palace Hotel' LLC, former head of the customs committee Armen Avetisyan, has applied to the State Property Management Committee expressing the desire to donate the buildings of the 'Golden Palace' hotel complex and its movable property located at the aforementioned address to the Republic of Armenia.

Following a series of meetings and discussions with representatives of 'Golden Palace Hotel' LLC, the Committee received a package of necessary documents from the company to facilitate the donation process.

The State Property Management Committee's State Property Inventory and Valuation Agency has conducted a market valuation of the buildings and movable property located at the 'Golden Palace' hotel complex, which, as of April 19, 2019, was valued at 7,214,000,000 AMD, with the market value of the 3,257 units of movable property amounting to 312,889,000 AMD as of June 11, 2019.

The proposed draft stipulates that the specified property will be transferred to the State Property Management Committee for future use in line with state needs.

Considering the presence of 3,257 units of movable property within the hotel complex, valued at 312,889,000 AMD, and noting that no budgetary funds have been allocated for the custody of state-owned property under the State Property Management Committee, the draft proposes that the organization of the property protection activities be entrusted to the Police of the Republic of Armenia until a corresponding decision regarding further management of the property is adopted by the government of the Republic of Armenia.