YEREVAN. – Zhoghovurd newspaper of the Republic of Armenia (RA) writes: The RA State Property Management Committee hopes that the Golden Palace Hotel in Tsakhkadzor will have a new owner by the end of the year.

Even though 12 days are left for the hotel auction, Zhoghovurd daily found that only one company intends to submit a bid. And (…) 19,758 square meters of buildings, as well as 3,257 units of movable property inside the buildings, and 1.38 hectares of land allotted for use and maintenance are auctioned. The initial bid for the hotel is 376 million 322 thousand 890 drams.

Head of the State Property Management Committee, Narek Babayan, told Zhoghovurd daily: “One company from abroad has applied. Now we are regulating the issues related to the documents so that the money can be transferred because it is about a large amount of money; it is about 5 percent of the appraised value that needs to be transferred.”