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Coastal-Rest Zones Masis, Sis and New Armenia Requires $500 Investment

News A $500 hotel complex is expected to be open by 2015, not far from Erevan, Armenia, as part of the 'Coastal-rest zones Masis, Sis and New Armenia' project. 'Initially, we planned to begin construction in 2010. However, the crisis compelled us to put it off till 2011. The complex is slated to open in 2015,' said Robert Arutunyan, chairman of Armenian development agency.

He also noted that it was to be decided over the coming month whether or not an agreement with MGM Mirage, a major international management group, would be signed. 'Should we sign a contract, the company will be free to invest its experience and engineering thought. It is not before we sign the agreement that we'll start attracting investment,' Mr. Arutunyan added.

Also, the project should involve restoration of the Ergward water reservoir with several five-star hotels and recreation zones built along the coastline. Arutunyan emphasized the importance of the program as part of the national tourist and hospitality business development strategy, which is a high priority issue in Armenia. He also expects that the complex will attract flows of tourists to Armenia from around the globe.


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