Hospitality Experience

Tufenkian Heritage Hotels Portfolio – Armenia

Horwath HTL Hungary was commissioned by the Owner of Tufenkian Heritage Hotels to evaluate its expansion strategy across Armenia, focusing on destinations, such as Areni, Dzoraget, and Yerevan.

Project Scope

Conducted a strategic review of the Tufenkian Hotels portfolio in Armenia, analysing market performance, positioning, and development potential.

The engagement included detailed market and financial feasibility assessment of the proposed development of Tufenkian Heritage Hotels Portfolio, including the extension and redevelopment of two existing flagship hotels in Dzoraget and Yerevan, and one proposed wine-themed resort hotel in Areni wine region.

The project was co-financed by EBRD in Armenia. Our recommendations focused on development concepts that highlight Armenia’s unique cultural and historical identity while ensuring operational and financial viability.

Hospitality

Operational Support

Strategy and Planning

Assets