YEREVAN. – The Dvin hotel will be built by 2016, head of State Property Management Department at the Armenian Government Arman Sahakyan told the journalists on Tuesday.

“Earlier we stated that the construction will be over by 2014, however, the talks lasted too long. The contract was too fargile from the legal point of view. The new contract includes also fines and penalties,” he said.

According to him, the investor has agreed to the new contract regulations, and only the government should approve it.

To note, the Caucasus Communication Group purchased the hotel for $3 million in 2003, and promised to build a 5-star hotel by investing at least $30 million. The company has made no serious investments so far.