The Armenian government today gave the go-ahead to a project proposed by the Cyprus registered CCG Caucasian Communication Group Limited to rebuild Yerevan’s Dvin Hotel.
The company says it expects to complete the project by 2019.
The project envisages turning the Soviet-era hotel into a resort complex complete with high-class restaurants, clubs, stores, a swimming pool, fitness and conference centers. A VIP casino is also planned for the site.
A multi-functional residential complex, to be called Apartments Plaza, with at least sixty high-end apartments, will also be built. An underground garage with 330 parking spots will also be built.
The entire complex is expected to cost some US$120.6 million. The company will invest $35.5 million of its own money.
According to data Hetq has culled from the Cyprus Corporate Registry, CCG Caucasian Communication Group Limited is equally owned by two other offshore companies – Berfarq Investments Limited (Belize) and Jadis Services Inc. (British Virgin Islands).
There is practically no information regarding these offshore companies.
CCG Caucasian Communication Group Limited was registered in Cyprus in 2008.
Armenian Prime Minister Hovik Abrahamyan conditioned the government’s approval of the project on a contractual stipulation that the company must declare the amount to be invested on a yearly basis and must present an annual financial accounting report based on international standards and subject to an audit.
Prime Minister Abrahamyan said there were a number of issues regarding the drafting of documents that must be discussed with appropriate ministries.