Proposed Development of Tufenkian Heritage Hotels Portfolio in Areni, Dzoraget and Yerevan, Armenia

Office: Horwath HTL Hungary & Russia

Scope of Work: Market and Financial Feasibility Study and Concept Recommendation

Overview: We were tasked to provide a decision making tool for both our Client and the financing EBRD international institute in connection with the proposed development of Tufenkian Heritage Hotels Portfolio.
The project included the assessment of extension of Avan Dzoraget Hotel, the development of Areni Wine-themed Resort Hotel and Winery and review of performance and operations of the flagship property, Tufenkian Historic Yerevan Hotel.

Horwath HTL Solution: We have visited each site and assessed the local market characteristics and provided recommendations and financial projections for the proposed portfolio taking into consideration the findings of an international research with regards of the wine resort component in particular. The concept recommendation were centred on market segment needs and long-term viability of recommended rooms, food and beverage, spa, leisure and other support facilities taking into consideration individual and group travel motivations.

Status: Assignment completed in 2016 project is in preparation phase