Top 10 investable projects: Myler Mountain Resort, Armenia

Project overview

Myler Mountain Resort is an 18-year visionary project designed for implementation in phases to establish the largest and most advanced ski resort in Armenia.

Situated in the Aparan region on the eastern slopes of Mount Aragats, this project will combine state-of-the-art skiing facilities, year-round recreational activities, and luxurious accommodations.

Developed by Ecosign, a global leader in ski resort design, the resort will feature 16 major ski lifts with a total capacity of 41,400 people per hour, enabling seamless service for 17,000 skiers simultaneously. The resort’s masterplan also includes a range of innovative services to redefine the visitor experience.

The opportunity

Myler Mountain Resort offers a unique investment opportunity for local and international stakeholders to participate in the transformation of Armenia’s tourism landscape. The project’s funding model centres on public-private partnerships, encouraging collaboration between the government, private investors, and strategic partners.

Investments will focus on the development of advanced infrastructure, ski facilities, accommodations, and recreational activities, ensuring long-term profitability and economic growth.

The financials

The initial phase of the project requires investments exceeding $70 million. The total estimated budget for the project is $250-$300 million over the next decade. Key allocations include over €30 million for the construction of advanced ropeway systems, with the remainder dedicated to creating essential support infrastructure, ski tracks, and guest amenities.

Once operational, the resort will cater to 16,000 skiers at peak capacity – a figure that triples Armenia’s current high-season visitor numbers.

Project sponsor

The project is spearheaded by Myler FEZ LLC, the official organiser of the Myler Free Economic Zone (FEZ), which was established by the Armenian government through Decision No. 1302 on 15 August, 2024. This partnership underscores the alignment of private and public sector goals to create a globally competitive ski resort.

Significance

The Myler Mountain Resort project is set to drive substantial economic and social progress in Armenia. By creating hundreds of jobs during both construction and operation, it will stimulate regional development in the Aragatsotn area, improving infrastructure and local living standards.

As a premier tourist destination, the resort will attract international visitors, boosting tourism revenue, enhancing Armenia’s GDP, and fostering business collaborations that benefit local enterprises and service providers.

The pitch

Investing in Myler Mountain Resort offers a unique opportunity for sustainable growth, leveraging a phased development plan for financial stability. Located near Mount Aragats, its world-class infrastructure and year-round attractions ensure a steady visitor flow, solidifying its status as a premier destination.

With significant tax incentives in the Myler FEZ, investors gain a strategic advantage while contributing to Armenia’s rise as a global leader in mountain tourism.