Armenian Foreign MInistry Building to be Sold to Hotel Chain?

Armenian authorities intend to sell the buildings that house the RA Ministry of Foreign Affairs and the RA Ministry of Economy, as well as the Noyan Tapan (“Noah’s Ark”) stationary supply and book store, according to local daily Joghovurd (“People” or “Nation”).

Citing well-informed sources, Joghovurd reports that the buildings in Yerevan’s Republic Square will be sold to the Kempinski luxury hotel group. There is even talk of the initial value of the complex being $500 million USD.

The practicalities of the deal haven’t yet been discussed because the authorities haven’t decided yet to where the ministries currently housed in these buildings will be relocated.

Head of the State Property Management Department of the Armenian Government Arman Sahakyan, speaking to the paper, however, refuted these claims, saying such an issue wasn’t discussed and the authorities have no such intentions.