YEREVAN. – Reconstruction of Armenian capital Yerevan’s Sevan Hotel will reach its logical end, Government-Affiliated State Property Management Department Head Arman Sahakyan stated during a press conference on Wednesday. He also reminded that the Hotel was sold in 1996 to the Carousel Establishment Company, which belongs to British-Armenian businessman Vatche Manoukian.

Even though the buyer was obliged to rebuild the Hotel in five years, it remains in dilapidated condition. News was disseminated in the press that the Hotel’s reconstruction is being delayed because of disagreements between Manoukian and Armenia’s former President Robert Kocharyan.       

During his visit to Yerevan in late September, Vatche Manoukian discussed the Hotel’s fate with Yerevan’s mayor, Karen Karapetyan. Apparently, Manoukian does not want to build a hotel, but rather a cultural or a business center; however, he has not yet reached a final agreement with municipal authorities.