«Haykakan Jamanak». The Auction for the Golden Palace Hotel in Tsaghkadzor Will Not Take Place

«Haykakan Jamanak» newspaper reports that no applications were submitted to participate in the auction for the Golden Palace Hotel in Tsaghkadzor. Narek Babayan, the head of the State Property Management Committee, stated in an interview with HJ that the auction, which was scheduled for tomorrow, will not take place.

According to him, there were parties interested in participating, but they either did not manage to submit their applications or changed their minds.

Babayan noted that in the next auction, the starting price (7 billion 526 million 457 thousand 800 drams) will be reduced by 5 percent according to the rules, but a date has not yet been set.

When asked why no buyers came forward, Narek Babayan replied, “We have received feedback from some investors that the calculation does not justify the price, meaning that the price is too high and they will not be able to recoup their investment.”

It is also possible that the state will operate the hotel. “If another auction does not take place, it is possible that in that case an alternative solution will be found, and it may be transferred to trust management,” Babayan added.

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