Narek Nalbandyan Fails to Pay for 'Golden Pelis'; Requests Extension - Hetq

The owner of the "Golden Pelis" hotel in Tsaghkadzor has not fulfilled his obligations to the state. This was reported by Hetq.

Businessman Narek Nalbandyan's company acquired the hotel on a deferred payment basis after it became public in 2018. Hetq has revealed that the second payment for the hotel, which was due on July 1 of this year, has not been made. According to the schedule, the buyer was supposed to pay 1 billion drams to the state by July 1, 2023.

The "Golden Pelis" hotel was gifted to the state by the family of former Chief of the Customs State Committee, Armen Avetisyan, in exchange for halting a criminal case in 2019. After receiving the property, the state attempted to sell it. The hotel was auctioned off for 7.5 billion drams, but due to subsequent auctions, the price decreased. Eventually, it was decided to sell the hotel not through auction but through a competition.

In 2022, it was announced that the hotel had been purchased by the sole bidder, "Proyekt Inter-Invest" LLC, on a deferred payment basis. The owner of this company is businessman Narek Nalbandyan, who is also linked to another controversial transaction. Under the conditions of a criminal case, Nalbandyan's wife purchased the residence of former Prime Minister Hovik Abrahamyan located in Monumet. Law enforcement authorities did not obstruct this transaction.

In 2022, the "Golden Pelis" hotel was sold to "Proyekt Inter-Invest" LLC for 5 billion drams, with the first payment of 1 billion drams required to be made in 2022. The buyer was supposed to make the second payment by July 1, 2023. We inquired with the Ministry of Territorial Administration and Infrastructure whether the second payment was made on time. Deputy Minister Narek Manukyan responded in writing that "Proyekt Inter-Invest" LLC failed to meet its deferred payment obligation on time.

"At the same time, we inform you that 'Proyekt Inter-Invest' LLC notified the State Property Management Committee in a letter dated March 28, 2023, that the company is obliged to pay the debt of 1 billion drams by August 31 of this year, including calculated penalties," Deputy Minister Narek Manukyan stated.

Notably, after acquiring the hotel, "Proyekt Inter-Invest" LLC also purchased a 1-hectare piece of land from the Tsaghkadzor community, valued at 162 million drams, directly adjacent to the hotel. In July 2022, the area was visited by ruling party MP Vagarshak Hakobyan, who announced that significant construction was underway, after which the hotel would operate under the “Mercure” international network.