The auction to sell the building of the Armenian Foreign Ministry held today ended with no buyers, spokesman of the section for state property management Maragrit Sarkisyan said.
The initial price for the building was to exceed $51.2 million. Should a buyer appear, the government of Armenia will conclude a deal with Tango, a closed joint-stock company, to sell the building.
The Armenian government had decided to sell the building to Tango, the company owned by Eduardo Ernekyan.
The building was planned to be used for the five-star Kempinski Hotel.
