YEREVAN, NOVEMBER 21, ARMENPRESS. The Government of Armenia has decided to alienate the currently defunct Golden Palace hotel in Tsakhkadzor through an auction.

Deputy Minister of Territorial Administration and Infrastructure Bagrat Badalyan said the estimated value of the property, which includes 3257 units of movable property and 1,38 hectares of land area for maintenance, is 7 billion 526 million 457 thousand drams.

He said the state-owned property will be sold through an English auction-type auction.

The lavish hotel was formerly owned by an ex-official who donated it to the state when he came under criminal investigation.

Edited and translated by Stepan Kocharyan