Interest in ‘Golden Palace’: It May Be Sold

The ‘Golden Palace’ hotel, located in Tsaghkadzor, Kotayk Province, of Armenia continues to have an uncertain future. The highly demanded luxury five-star hotel currently has no buyers. It has not been put up for auction yet.

According to the ‘Zhoghovurd’ daily, approximately 180 citizens from Artsakh are currently housed in the hotel. Narek Babayan, the head of the State Property Management Committee of Armenia, stated that negotiations are currently underway with a company regarding the hotel’s sale. “We are trying to understand whether it is feasible for them to make that purchase or not. They are expected to come to Armenia next month, around mid-February. If we find that it is not realistic, then a different decision will be made. I can specifically suggest creating a closed joint-stock company and operate it temporarily, until time shows otherwise. Operating it, renting it out, or using it with trust management are all options that are not limited or excluded after the establishment of the LLC,” Babayan explained.

When asked to reveal the name of the company interested in the Armenian five-star hotel, Babayan said, “Honestly, I cannot provide the name of the company. It seems to me that it is a consortium with mixed representatives from various countries. I am waiting for them to come to Armenia so we can discuss it.”

It should be noted that the estimated value of the property at the previous auction was 7 billion 526 million 457 thousand 800 drams. It turns out that the luxury hotel, which was taken from a private owner, has not been operational so far; initially, it was closed, then it served as a quarantine space for those infected with the coronavirus, and now it is being used for sheltering residents from Artsakh.

For more details, refer to the daily's current issue.