ArmInfo.The Golden Palace Hotel in Tsaghkadzor will be managed by the world-famous Mercure brand owned by French Accor Group . MP from the ruling "Civil Contract" faction Vagharshak Hakobyan informed about this on his Facebook page.
He mentioned that the Golden Palace hotel in Tsaghkadzor, which was recently sold by the state to a private investor, will join the Mercure hotel chain. "I specially visited the Golden Palace Hotel, followed the construction work, got acquainted with the process of fulfilling investment obligations to the state. The famous hotel project is currently under reconstruction. Recently, an agreement was signed with the world famous Mercure brand, according to which the Golden Palace hotel will be managed by the Mercure global hotel chain, which fixes a significant fact of how important the presence of this brand is in our country," the MP wrote.
The Golden Palace Hotel in Tsaghkadzor was sold in February this year to Project Inter-Invest LLC. On February 10, the hotel was auctioned for the seventh time. To participate in the tender, one application was submitted, which was satisfied. In order to acquire property, the company submitted a price offer in the amount of 5 billion drams, as well as an additional investment program worth 4.5 billion drams, which will be implemented in the next 5 years. In 2019 and 2020, a total of 6 auctions were organized, however, the auction never took place due to a lack of applications. After each failed auction, the value of the property decreased: if in June 2019 its market price was 7.5 billion drams, then its last price was 5.9 billion drams. On September 26, 2019, the Armenian government decided to accept the Golden Palace Hotel, owned by former customs chief Armen Avetisyan, as a donation. The former official made the proposal after the NSS revealed that three of his hotels were being built with illegal funds. The Mercure hotel chain has over 700 hotels (60236 rooms) in 50 countries. It was founded in 1973 and was acquired by Accor in 1975.
