New Golden Palace hotel owner allowed to re-mortgage hotel 

ArmInfo. The new owner of the Golden Palace Hotel in Tsakhkadzor, Narek Nalbandyan, was allowed to  re-mortgage the hotel, Hetq.am reported with reference to the Cadastre Committee.

It is noted that the hotel complex was founded on June 26. The same  certificate states that the hotel still has state ownership rights.  However, it is reported that the property was also mortgaged in 2022.

"How could it be possible to re-mortgage already mortgaged property?"  - the publication addressed the State Property Committee with this  question. "The State Property Management Committee gave its consent  to the transfer of the pledged property as a subsequent pledge," the  department said.

The day before, the State Property Management Committee of the  Republic reported that the new owner of the Golden Palace Hotel in  Tsaghkadzor had fulfilled all its financial obligations ahead of  schedule.

"According to the investment plan, the buyer, represented by Project  Interinvest LLC, was to pay 5 billion drams during 2022-2026, as well  as invest 4.5 billion drams and create 100 new jobs. These  obligations were fulfilled ahead of schedule. 1 billion 365 million  drams were transferred to the municipality of Tsaghkadzor. The  company fulfilled its obligations ahead of schedule, fulfilling all  clauses of the contract and paying the remaining 3 billion drams in  June 2024," the department noted.

The hotel complex belonged to the former head of the Customs  Committee of Armenia Armen Avetisyan, against whom a criminal case  was initiated in November 2018. According to the investigation,  Avetisyan built hotels with illegal proceeds, and for cover,  registered them in the name of fictitious foreign investors.  After  opening the case, Avetisyan agreed to transfer one of the hotels to  the state.

On November 21, 2019, the Government of Armenia decided to put the  Golden Palace Hotel in Tsaghkadzor up for auction. As a result, the  complex worth 7.5 billion drams (estimated value in 2019) was sold on  March 30, 2022 on the 7th attempt (the auction never took place due  to lack of applications) for 5 billion drams. The government also  allowed the buyer of the complex to pay for it within five years. The  5th final payment was planned no later than July 1, 2026. The Golden  Palace Hotel will be managed by the global network <MERCURE> (founded  in 1973, and two years later transferred to the French group Accor).