Reconstruction of Dvin hotel in Armenia’s capital to be launched in three months

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22.11.2012, 21:14

The reconstruction of Dvin Hotel in Yerevan will be launched in three months, Artak Tovmasyan, chairman of Hamasteghutyun (Constellation) popular foundation for supporting sciences, sports and culture, said Thursday at a news conference dedicated to a charity concert of Iosif Kobzon, a popular singer, who said he has nothing in common with this hotel.

Reconstruction of Dvin hotel in Armenia’s capital to be launched in three months

YEREVAN, November 22. /ARKA/. The reconstruction of Dvin Hotel in Yerevan will be launched in three months, Artak Tovmasyan, chairman of Hamasteghutyun (Constellation) popular foundation for supporting sciences, sports and culture, said Thursday at a news conference dedicated to a charity concert of Iosif Kobzon, a popular singer, who said he has nothing in common with this hotel.

In 2003, Dvin Hotel was sold to Caucasus Communication Group. According to media reports, Kobzon was one of the Group’s owners.

The Group promised to make considerable investments to build a five-star hotel within five years, but it has invested nothing, since there was only the amount of investments mentioned in the contract and no sanctions for failure to invest were specified here.

That is why the Armenian government revised the contract in 2011, pointing out the size of fine, which will constitute 12% of the projected investments. Investments will total $10 million.

If this money is not invested before 2014, the government has a right to seize the hotel through court.-0---

#RECONSTRUCTION

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