YEREVAN, October 4. / ARKA /. The Armenian government gave green light today to selling a government building on Republican Square that houses the ministries of foreign affairs and Diaspora. The historical building will be sold to Tango Company for $51.271 million.
The building was built in the 1940's. Its total space is 14,000 square meters. The government says the buyer has committed to invest as much as required to remodel the building into a five-star hotel by preserving its historical and cultural appearance.
Earlier, the chief architect of Yerevan Narek Sargsyan, said the building may be sold to Kempinski Hotels Group. He also said that the foreign and Diaspora ministries may move into a building that will be built in lieu of former justice ministry that was destroyed by a fire four years ago.
Earlier this year the Kempinski Group of Hotels said it signed contracts to manage three five-star hotels in Russian Yekaterinburg, Yerevan and Marienbad. It said the five-star hotel in Yerevan, scheduled to open in 2013, will offer 150 spacious and elegantly decorated rooms and suites. -0-