Gazprom Armenia Puts Marriott Tsaghkadzor Hotel Up for Sale

Gazprom Armenia has put the Marriott Tsaghkadzor hotel complex, owned by the company, up for sale. Civilnet.am reports this, citing an announcement published on the ‘Azdarar’ platform. The sale of the hotel has been confirmed by Gazprom Armenia.

Marriott Tsaghkadzor is described in the auction announcement as one of the most luxurious hotels in Tsaghkadzor. The hotel holds a five-star status and is the only hotel of its kind in the resort area, managed by the Marriott international network.

Gazprom Armenia renovated the hotel in 2012, based on the rest house ‘Adigaz’ owned by HayRusGazard. The investment program for the reconstruction amounted to $32 million, with construction taking three years.

In a written inquiry to Gazprom Armenia, we asked why they decided to sell this hotel. In response, the company stated that Gazprom Armenia regularly sells its non-core assets that are not involved in licensed activities.

We also inquired whether the hotel complex has significant credit burdens and if that is the reason for its sale. Gazprom Armenia responded that as of August 29, 2023, they had no credit obligations.