YEREVAN, March 5. /ARKA/. The edifice of Armenia’s Ministry of Foreign Affairs failed to be auctioned today, as it was earlier scheduled, as no buyers arrived, Margarit Sargsyan, spokeswoman for Government’s real property management department, told ARKA agency Tuesday.
The Foreign Affairs Ministry building is located downtown Yerevan on Republic Square.
The starting bid reported earlier was 51, 270, 840 USD.
“The interest to the lot was quite high, however the buyers didn’t show up at the auction. Thus, the agreement with Tango company is sill valid,” Sargsyan said.
Last October 4, the government had given green light to selling the building to Tango Company for $51.271 million. Tango is owned by Argentinean-Armenian businessman Eduardo Eurnekian.
Earlier last year the Kempinski Group of Hotels said it signed a contract to manage a five-star hotel in Yerevan that would be housed in the foreign ministry building. It said the five-star hotel will offer 150 spacious and elegantly decorated rooms and suites.
Sargsyan clarified the agreement states in case the lot is not sold at the auction, the government will sell it to Tango company.
Sargsyan said she will unveil the further details of the agreement later.
The building was built in the 1940's. Its total space is 14,000 square meters. The government says the buyer must commit to invest as much as required to remodel the building into a five-star hotel by preserving its historical and cultural appearance.
Eduardo Eurnekian owns Armenia International Airports, which operates the Yerevan Zvartnots airport. He also produces agricultural products and shares in Conversebank.-0-