Ameriabank CJSC invested AMD 9 million in construction of Hyatt Place Yerevan hotel, a world-known Hyatt Place hotel chain subsidiary. Total cost of the project amounted to $15 million.

Over the last 15 years, Armenia posted a 8,6% Compound Annual Growth Rate (CAGR) for tourist inflow. The country’s popularity as a tourist destination is increasing, along with hotel occupancy rate.

In 2012, Armenia posted tourist inflow of 843 830, up 11% from ear-earlier results.

“Introduction of a new brand in Armenia will promote expansion of a competitive field in the accommodation sector, helping to boost quality of service and create jobs,” a statement said.

The Republic Square-adjacent hotel occupies a territory of about 7000 square meters. 70 employees with an average salary of AMD 200000 were hired.