Tsaghkadzor Today

On January 30, 2026, the event titled “Tsaghkadzor Today” took place at the Arno Babajanyan Concert Hall, bringing together industry representatives and partners on a single platform. The purpose of the event was to identify realistic and practical directions for Tsaghkadzor’s development through joint discussions, as well as to highlight priority issues requiring a coordinated and partnership-based approach. During the event, one of the region’s largest projects was presented — the Tsaghkadzor Hills multifunctional resort and residential complex, showcasing its investment opportunities and development vision. 

The event was organized by Art Residences, which joined the Tsaghkadzor Hills project five months ago and has been collaborating with FYM Hospitality Group to support the project’s development and establish management in line with international standards. Opening remarks were delivered by Gurgen Grigoryan, President of the Armenian Developers Association; Hovsep Hoveyan, Advisor to the Chairman of the Urban Development Committee; and Narek Harutyunyan, Head of the Tsaghkadzor Community, who emphasized the importance of public-private collaboration for sustainable regional development. The Tsaghkadzor Hills project was presented by Haykuhi Kamalyan, Head of the Service Department at Art Residences, who discussed the management model and organization of services. The project’s investment potential was outlined by Sargis Nersesyan, Director of Mixx Up Real Estate Company, highlighting its profitability and long-term value creation prospects. 

During the event, a memorandum of cooperation was signed between project partners: Nver Safaryan (Art Residences), Ara Karapetyan (Founder and Director of Tsaghkadzor Hills), and Armen Frangulyan (FYM Hospitality Group). 

The event continued with a panel discussion on the city’s development prospects, ongoing projects, and upcoming initiatives. The discussion was moderated by Edik Harutyunyan, a business development and communications specialist. Panel participants included David Abovyan (Founder of Art-Group and Art Residences), Armen Frangulyan (Founder and Director of FYM Hospitality Group), Gurgen Grigoryan (President of the Armenian Developers Association), Lusine Gevorgyan (Chair of the Tourism Committee), and Narek Harutyunyan (Head of Tsaghkadzor Community). The discussion emphasized the importance of collaboration between public and private sectors to ensure sustainable development, enhance investment attractiveness, and establish comprehensive infrastructure in Tsaghkadzor. 

The RIS Resort hotel is currently under construction, offering three flexible investment models for potential investors. Buyers can acquire property in Tsaghkadzor Hills under flexible, multi-term payment plans with no additional interest, or take advantage of FastBank’s special offer. 

Art Residences is responsible for the construction and management of the complex, while FYM Hospitality Group oversees the development of the hotel brand, management, and overall service system.