Golden Palace Goes Up for Auction Again

The Golden Palace has been reintroduced for auction. This was stated by Narek Babayan, the chairman of the State Property Management Committee, during a conversation with reporters.

“Since there were contact persons located there due to the pandemic and the previous auction process was halted, it will start again from the initial point,” Babayan noted.

According to Babayan, there cannot be any serious scientific justification that, because there were individuals infected with coronavirus or contact persons in the hotel, it might affect the price. “The price can only be affected by the economic situation and, in general, the interest in investments,” Babayan said.

He mentioned that a price reduction is planned if the auction does not take place. “Currently, certain competitions have not been held, and we are trying to understand the issues that can be divided into three parts — awareness, high pricing, and there was a problem that if obligations were taken, the property should be pledged. With the government’s decision today, we have introduced flexibility there and can use bank guarantees for the implementation of obligations,” Babayan added.