YEREVAN (Arka)—The ownership of Armenia’s Foreign Ministry building will change in 2016, head of Armenia’s state property management department Arman Sahakyan told reporters on Friday.
The building was sold to Tango Ltd belonging to Armenian Argentinean businessman Eduardo Eurnekian for $51,270,840 under a government decree in 2012.
According to earlier reports, the building is to be converted into a five-star hotel.
In 2016, the Foreign Ministry will move to a new building, Sahakyan said.
The current building was built in the 1940’s with a total space of 14,242 square meters. The government said the buyer had to commit to invest as much as required to remodel the building into a five-star hotel, yet preserving its historical and cultural appearance.
According to the government decree, the buyer is also obliged to build a new building where the ministry of foreign affairs, the ministry of energy and natural resources, and the ministry of justice will be housed.
Eduardo Eurnekian is the owner of Armenia International Airports, the operator of Zvartnots airport in Yerevan. The businessman is implementing major agricultural projects and is the majority stockholder of Armenian Conversebank.