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Armenian Development Agency [ADA] To Invest In Construction Of Hotel

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  • Armenian Development Agency [ADA] To Invest In Construction Of Hotel

    ARMENIAN DEVELOPMENT AGENCY [ADA] TO INVEST IN CONSTRUCTION OF HOTEL COMPLEX 'MASIS, SIS AND NEW ARMENIA'

    ArmInfo
    2010-05-31 15:46:00

    ArmInfo. Armenian Development Agency [ADA] has presented the
    investment suggestion on construction of the hotel complex 'Masis,
    Sis and new Armenia' on the bank of Egvard basin. The project,
    which consists of 5 hotels and occupies 25 ha, will cost $500 mln,
    $150 mln of which will be attracted like cash investments, the rest -
    like credits. The mentioned $150 mln will be formed at the expense of
    equal share investments by 50 participants in the project. According
    to the preliminary data, the ending of the Egvard basin construction
    will cost $70 mln.

    'We think investors from Armenia and other countries of the world may
    take part in the project', - the head of the investment project 'Masis,
    Sis and new Armenia' Armen Vardanyan said and added the project may
    be finished in 2015. 'In 2015 Armenians of the whole world will mark
    100th anniversary of the Armenian genocide. We want this complex to
    be able to receive numerous people which will arrive in Armenia to
    commemorate the memory of out people's tragedy', - he said.

    Construction of the hotel complex may last 3-4 years.

    Director of ADA Robert Harutyunyan said at present they are negotiating
    with MGM Mirage, which may be offered to coordinate the activity of
    the project.

    Vice-president of MGM Mirage has already visited Armenia, and the
    talks with the company will be finished by the end of June.

    As Armenian State Water Committee under Territorial Administration
    Ministry told ArmInfo, at present the project on ending of the Egvard
    basin is not watched.

    The proposals on drawing out of the relevant project were submitted
    to the government, but were declined because of shortage of funds.




    From: A. Papazian
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