Armenians from Artsakh Reside in Golden Palace Hotel: Why It Remains Unsold

The "Joghovurd" newspaper reports that the sale of the luxury "Golden Palace" hotel in Tsaghkadzor has been pending for a year, yet the government has not succeeded in selling it. Most importantly, the Armenian government has no clear decision on how to proceed with the hotel.

In an interview with Kotayk Province Governor Artavazd Sahakyan, the newspaper learned that currently, 30 displaced families from Artsakh are living in the "Golden Palace" hotel. We also inquired about whether the hotel is being maintained. In response, the governor stated, "Currently, maintenance is being carried out, the hotel is in good condition, and there are no issues. It is possible that it will be put up for sale again."

During the past year, the hotel was auctioned off several times, but no bids were received. The appraised value of the property in the first auction was set at 7 billion 526 million 457 thousand 800 drams. In light of this situation, authorities are discussing confiscating the assets of those who have illegally acquired wealth. If such properties are confiscated, who will be the buyers if even a hotel has not been sold for a year?

For more details, see today's issue of the newspaper.