The Government Plans to Privatize the 'Golden Palace' Hotel in Tsaghkadzor

During the government meeting on December 16, a decision was made to privatize the 'Golden Palace' hotel in Tsaghkadzor.

According to the available information in the project, as of October 29, 2021, the estimated value of the property is 5,908,050,000 AMD, while the estimated market value of the immovable property is 5,602,293,000 AMD. The value of movable property within the buildings is 305,757,000 AMD. Included in the estimated market value of the immovable property, the estimated market value of the allocated land plot is 278,865,000 AMD, while the current cadastral value of the allocated land plot is 223,376,199 AMD.

The selling price of the property subject to a tender has been set at 5,000,000,000 AMD, with a preliminary bid for participation in the tender amounting to 5 percent of the starting price of the property, which totals 250,000,000 AMD. This sum will be considered part of the selling price for the winning participant and is non-refundable if the buyer refuses to make further payments; it will be transferred to the state budget of the Republic of Armenia. The buyer will have the opportunity to pay over a five-year period.

A tender commission for the privatization of the property will be established within 10 working days.