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March 28
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During its session today, the Government of Armenia decided to put Golden Palace Hotel Resort & Spa up for auction.

Based on the government decision, the 19,758 square meter buildings and constructions, as well as the 3,257 pieces of real estate within the buildings and constructions and the 1.38 hectares of land parcel located at Tandzaghbyur Street in the city of Tsaghkadzor of Kotayk Province shall be alienated through auction as one lot of land.

If property is not sold during the first auction, there will be three more auctions, and the starting price for the sale of property during each additional auction will be reduced in the amount of 5% of the starting price of the last auction.

Deputy Prime Minister Tigran Avinyan said that, as the government had agreed during one of its previous sessions, the process of alienation would begin right after state registration, and alienation is currently in progress. “The first auction will take place on December 18, and the item up for auction will be Golden Palace Hotel Resort & Spa (located at 34/1 Tandzaghbyur Street in the city of Tsaghkadzor of Kotayk Province), and we call on all interested businessmen to participate in the auction,” he said.

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