'Dvin' and 'Sevan' Hotels Construction To Be Completed
Source: http://www.news.am
#yerevan #dvin #sevan #hotel #armenia #construction
As news.am reported, Head of Government-Affiliated State Property Management Department Arman Sahakyan stated, that "Dvin" and "Sevan" Hotels Construction to be completed.
During press-conference Arman Sahakyan said, "Dvin" hotel will be reconstructed by 2014, or even earlier. And the basis for this optimism is the new commitments which the Hotel's proprietor has assumed. According to these obligations, if the proprietor does not carry out the investments specified in the contract, it will have to pay ten percent from the sum of unfulfilled investments, as a penalty.
"Dvin" hotel was sold in 2003 to Caucasian Communication Group for US$ 3 million. The buyer had pledged to build a 5-star hotel in five years and to invest US$ 30 million; but no essential investment is made so far. And finally, if Dvin Hotel is not reconstructed, the Government of Armenia reserves the right to take its possession by court order, after 2014.
During press-conference Arman Sahakyan also hoped, that reconstruction of "Sevan" hotel will reach its logical end. The hotel was sold in 1996 to "Carousel Establishment Company", which belongs to British-Armenian businessman Vache Manukian. Even though the buyer was obliged to rebuild the hotel in five years, it remains in dilapidated condition. During his visit to Yerevan in late September, Vache Manukian discussed the hotel's fate with Yerevan's mayor, Karen Karapetyan. Apparently, Manukian does not want to build a hotel, but rather a cultural or a business center. However, he has not reached a final agreement with municipal authorities so far.
During press-conference Arman Sahakyan said, "Dvin" hotel will be reconstructed by 2014, or even earlier. And the basis for this optimism is the new commitments which the Hotel's proprietor has assumed. According to these obligations, if the proprietor does not carry out the investments specified in the contract, it will have to pay ten percent from the sum of unfulfilled investments, as a penalty.
"Dvin" hotel was sold in 2003 to Caucasian Communication Group for US$ 3 million. The buyer had pledged to build a 5-star hotel in five years and to invest US$ 30 million; but no essential investment is made so far. And finally, if Dvin Hotel is not reconstructed, the Government of Armenia reserves the right to take its possession by court order, after 2014.
During press-conference Arman Sahakyan also hoped, that reconstruction of "Sevan" hotel will reach its logical end. The hotel was sold in 1996 to "Carousel Establishment Company", which belongs to British-Armenian businessman Vache Manukian. Even though the buyer was obliged to rebuild the hotel in five years, it remains in dilapidated condition. During his visit to Yerevan in late September, Vache Manukian discussed the hotel's fate with Yerevan's mayor, Karen Karapetyan. Apparently, Manukian does not want to build a hotel, but rather a cultural or a business center. However, he has not reached a final agreement with municipal authorities so far.
