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Monday, February 17, 2020

Ameriabank invests Armenian tourism development

Ameriabank recently financed the construction of the recently opened Hyatt Place Yerevan Hotel in Yerevan, Hyatt's first property in the region.

Ameriabank invested more than $9 million into the $15 million property.

America Advisory said that Armenia is gradually growing as a tourist destination. The tourism industry in Armenia has seen a compound annual growth rate of international arrivals of 8.6 percent over the past five years.

Armenia is in a the early stages of tourism development and research has shown that more people are considering the country as a tourism destination.

There has been a solid increase in the employment level in the country's hospitality sector over the last two to three years.

Armenia saw 843,830 tourists in 2012, marking an 11 percent increase over the year before.

The addition of a Hyatt property is expected to enhance the competitive environment in Armenia's tourism industry, which will result in a higher level of service quality. It will also result in the addition of more jobs in the sector.