Golden Palace hotel in Armenian Tsakhkadzor will not be auctioned
A luxury hotel located in the Armenian resort town of Tsakhkadzor will not be auctioned due to the lack of buyers, the daily 'Haykakan Zhamanak' (Armenian Time) says.
The Golden Palace hotel was owned by Armen Avetisyan, a former chief of the Armenian customs service. His family donated it to the state in 2018 November after the National Security Service (NSS) moved to prosecute Avetisyan for illegal entrepreneurship and money laundering.
In an interview with 'Haykakan Zhamanak" daily the chairman of the State Property Management Committee Narek Babayan said there were people who wanted to participate in the auction, but they either failed to submit bids in due time or changed their minds.
Babayan said that the estimated price of the hotel is 7.5 billion drams (about $15.8 million). The government will hold two more auctions. The price would be cut by 5 percent after every failed auction. According to Babayan, if no auction succeed the hotel may be placed under trust management. --0--