YEREVAN. – Haykakan Zhamanak (HZh) newspaper of Armenia writes: No bid was submitted for participation in the auction of Golden Palace Hotel in Tsakhkadzor, Narek Babayan, chairman of the State Property Management Committee, told HZh. The auction scheduled for tomorrow will not take place.

According to him, there were applicants for the auction, but they either failed to submit a bid or changed their minds.

Babayan noted that according to the procedure, the starting price (7 billion 526 million 457 thousand 800 drams) at the next auction should decrease by 5%, but the date has not been determined yet.

Asked why no buyer appeared, Narek Babayan responded: "We have received a reaction by some investors that the calculation is not justified; that is, the price is high and they will not be able to get their investment back."

It is not also ruled out that the state will operate the hotel. "If another auction, for example, does not take place, it is possible that in this case another way out will be found and it will be entrusted to trust management."