Today at the "Ourbat Club" Mayor Garoun Mirzoyan of Tzaghkadzor discussed the development of the tourist industry in his town known as Armenia's winter resort. The Mayor mentioned that in the past few years annual investment in the tourism sector has been registered at 20-30%. Mayor Mirzoyan noted that, "Presently I cannot forecast whether the global economic crisis will have on the town's tourist trade or not but every year at the Moscow exhibition contracts are signed with various tourism companies and no problems have arisen with any of them." The Mayor also had some trouble forecasting the number of tourists to Tzaghkadzor during the present winter season but noted that most hotel reservations for the New Year had already been booked solid. Last year, in the space of ninety days, some 3,000 vacationed in Tzaghkadzor, of which almost 70% were Armenian citizens. Russians made up a majority of the other vacation goers. The town boasts 28 large and small hotels, about twenty restaurants and assorted cafes, and six winterized pools and saunas. Presently seven more hotels of various sizes and four cottage communities are being built.