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Diana Ghazaryan

Hotel, Business Center Planned for Nairit 2 Site in Yerevan

A-S Investments, a company that last week purchased a 10.3-hectare piece of land in Yerevan once owned by the Nairit 2 CJSC, plans to build a hotel, business center, manufacturing plant and freight truck garage on the site.

The Armenian government approved the sale of the land and the buildings to the company that plans to invest some $15.625 million over the next decade.

The market value of these assets has been estimated at AMD 626.9 million. The company says 250 new jobs will be created.

The above assets are just a portion of the giant Nairit rubber plant, which has stood idle since March 2010, accumulating debts totaling $100 million.