TSARUKIAN’S HOTEL OPENS IN TSAGHKADZOR WITH FANFARE
By Ruzanna Stepanian

Radio Liberty, Czech Rep.
Nov 9 2006

A luxury hotel belonging to a wealthy businessman was inaugurated
in the resort town of Tsaghkadzor on Thursday, with President Robert
Kocharian and several other government and parliament members attending
the ceremony.

Multirest House, a newly built 42-room hotel complex, is the latest
investment by Gagik Tsarukian, arguably the most influential oligarch
who leads the ambitious Prosperous Armenia party believed to enjoy
Kocharian’s backing ahead of next year’s parliamentary elections.

Kocharian personally performed the ribbon-cutting ritual in the
presence of Local Government Minister Hovik Abrahamian, Yerevan
Mayor Yervand Zakharian, as well as wealthy businessmen, MPs Samvel
Aleksanian, Hakob Hakobian, and others.

After being shown around the hotel area Kocharian shared his
impressions with the media, saying that such an investment had long
been expected in Tsaghkadzor.

"Business responded to what we expected and I am glad that today
Tsaghkadzor has the first such powerful structure both by its scales
and quality," the president emphasized.

Rooms at the hotel are available from 40,000 drams (about $105) per
night; some rooms can be as expensive as 120,000 drams (about $315)
per night. Hotel managers say it is the first hotel of this class
made available in Tsaghkadzor, a winter resort town situated about
55 kilometers to the north of Armenia’s capital Yerevan.

Tsarukian avoided answering questions about how much money he had
invested in his new business. "I don’t count how much I invest. I
spent as much as was necessary," he said.

Kocharian brushed aside media speculations that his visit was the sign
of political endorsement of Tsarukian’s party. He said he attended
the event primarily to encourage more investment in the sphere.

The president steered clear of questions about his possible support
for Prosperous Armenia in the upcoming elections. He only promised to
have a special meeting with media dealing with all sorts of political
questions before the end of this year.

Tsarukian also denied any link between the event and politics.