YEREVAN, JUNE 1, ARMENPRESS; President Robert Kocharian, members of
the parliament and government and foreign ambassadors attended today
the official opening of a new hotel in Yerevan, called Golden Palace.

Kocharian expressed hope that the new hotel with its 120-member staff
will join other hotels to preserve the annual 25 percent growth in
the tourism sector. Kocharian recalled that some 280,000 tourists
had visited Armenia last year and compared this figure with 38,000 in
1998, saying also that Armenia will have in few years to come enough
tourist facilities to accept around 1 million tourists.

The new hotel was built by a Cyprus-registered River Hill Holding
company. The five-storey hotel has rooms for 65 visitors. Kocharian
also praised the US-based Cafesjian Foundation saying it has been
fulfilling all its commitments in Armenia. He said the Contemporary
Art Museum the Foundation is building in Yerevan will become a weighty
investment in Armenia's bourgeoning tourism industry.