One Company Submits Bid for Golden Palace Hotel

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

The auction includes the buildings located at the address of Tandzaghbyur in Tsaghkadzor, Kotayk Province, covering 19,758 square meters, as well as 3,257 units of movable property inside the buildings and a land plot of 1.38 hectares allocated for use and maintenance. The starting price for the hotel is set at 376 million 322 thousand 890 AMD.

The head of the State Property Management Committee, Narek Babayan, told "Hayjrakan" that there is one company from abroad that has applied, and they are currently resolving issues related to documentation to facilitate the financial transfer, as it involves a significant amount of money. The amount in question is 5% of the assessed value that needs to be transferred.