YEREVAN, February 22. / ARKA /.The Armenian government will auction a building in downtown Republican Square in Yerevan that houses the ministries of foreign affairs, Diaspora and energy and mineral resources on March 5. The starting price is $51.271 million, the government-affiliated agency managing state-run property said in a statement posted on its official website.
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.
Arman Sahakian, head of the government agency in charge of state-owned property management, said last year the original decision was reversed in view of high public attention towards the deal. He said the decision to hold a tender was taken to make it more transparent.
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-