panorama resort

Condo hotels are not your typical vacation homes. They are exquisitely furnished condominium suites

in ultra-luxurious hotels and resorts. Most properties are usually of four- or five-star quality. Condo hotels offer you the opportunity to own a

luxury vacation home at a world-class resort and to receive rent revenue when you're not using it. As a

condo hotel unit owner, you have the option of putting your condo unit into the hotel's rental

program, when you're not in residence. This is what makes the condo hotel concept so attractive.

By capitalizing on a hotel's name recognition, advertising and management expertise, you can expect to receive a higher level of rental income

than you would from a traditional vacation home. In addition, the on-site management company will take care of all maintenance of the property and ensure

the smooth operation of its many amenities and services.

Panorama Resort and Condominium is a landmark project and is located on a hillside above the city of

Yerevan with unobstructed, panoramic view of Mount Ararat and the city.

Areal View of City of Yerevan

PROPERTY FEATURES

5 Stories 72 Luxury Units (from 900 sq.ft. to 1,600 sq.ft.) 8 Luxury Penthouses (from 2200 sq.ft. to 3300 sq.ft.) 82 Parking Spaces Full Kitchen with Appliances Living and Dining Rooms Dry Cleaning Services In-unit Washer and Dryer All-Season Heated Swimming Pool Banquet / Conference Room / Business Center Fitness and Sports Center, Spa, Sauna 24-hr Armed Security Video Surveillance Concierge and Maid Service Secured Access to Individual Buildings Restaurant, Convenience Market Satellite TV and High-Speed WiFi Internet Entertainment and Video Game Systems Independent Power Generator and Water Reservoir

Nvard Gevorkyan

Optional Finishing Packages

•Silver •Gold

•Platinum

THE REGULAR RATES OF METROPOL

Room type Apr 01 - Nov 15 Jan 01 - Mar 31 Nov 16 - Dec 31

Deluxe Single $ 152 $ 100

Deluxe Double $ 173 $ 111

Junior Suite $ 193 $ 155

Senior Suite $ 207 $ 166

THE REGULAR RATES OF ARARAT HOTEL

Room type Regular Rates

Single $ 137

Double $ 137

Premiere $ 155

Superior $ 193

Family Suite $ 286

Executive Suite $ 385

Ararat Suite $ 633

THE GOLDEN PALACE HOTEL'S REGULAR RATES

Room type Apr 01 - Nov 15 Jan 01 - Mar 31Nov 15 - Dec 31

Deluxe $ 193 $ 149

Diplomatic Room $ 292 $ 232

Ambassador Suite $ 651

Presidential Suite $ 2204

ARMENIA MARRIOTT HOTEL'S REGULAR RATES

Room type Jan 01 - Mar 20Nov 01 - Dec 31

Jul 15 - Aug 15Mar 21 - May 20

May 21 – Jul 14Aug 16 – Sep

12Oct 01 – Oct 31

Sep 12 –Sep 30

Single Deluxe $ 179 $ 199 $ 238 $ 295

Deluxe $ 199 $ 219 $ 258 $ 295

Superior Deluxe $ 232 $ 252 $ 291 $ 328

Executive Deluxe $ 255 $ 275 $ 315 $ 351

Junior Suite $ 579

Vice Presidential $ 876

Presidential Suite $ 1604

THE REGULAR RATES OF ANI PLAZA HOTEL

Room type Apr 01 - Oct 31 Jan 01 - Mar 31Nov 01 - Dec 31

Economy Single $ 105 $ 89

Premium Single $ 113 $ 97

Economy Twin $ 127 $ 105

Premium Twin $ 141 $ 119

Business Single $ 160 $ 149

Business Premium Single $ 174 $ 158

Business Double $ 193 $ 180

Suite $ 254 $ 237

Average hotel Suite rate is $ 175 a day.Average stay in Armenia is 2 weeks.

Suggested rate for Panorama Resort during the peak season

for 900 sq. ft., 2 bedroom, 2 bathroomWith a living room full kitchen and access to

all features of the complexthat accommodates 4 people

for 2 weeks is $ 1,000

Cost of 350 sq. ft. hotel suite in Yerevan with1 bathroom that accommodates2 people for 2 weeks is $ 2,000.$ 2,500.

$ 1,500.00

Example

Unit Size Starting Price per Sq. Ft.1100 sq. ft. X $150.00* = $165,000

1st Payment: 15% = $24,7502nd Payment: (Due by December 31, 2011) : 15% = $24,750

Balance: Option A – Lump Sum of $115,500 (Due In 6 Months)

Option B – Financing

8% at 15 Year Amortization Period - $1,100.00

*Prices are subject to change according to the completion schedule

Monthly payment for $115,500 loan = $1,100

HOA monthly dues - $125

Utilities (water, gas, electricity) - $50

Total - $1,275 x 12 months = $15,300

Projected Annual Expenses of a Condo Unit

Annual Potential Income60% occupancy ratio=7 month occupancy x $3000 = $21,000

Annual income increase projection: Total1st year – Base rent $21,000 - $15,300 = $5,700

2nd year – 7% increase in rents = $22,500 - $15,300 = $7,200 $12,900

3rd year – 7% increase in rents = $24,200 - $15,600 = $8,600 $21,500

4th year – 7% increase in rents = $26,000 - $15,600 = $10,400 $31,900

5th year – 7% increase in rents = $28,000 - $15,900 = $12,100 $44,000

6th year – 5% increase in rents = $30,000 - $15,900 = $14,100 $58,100

7th year – 5% increase in rents = $32,000 - $16,200 = $15,800 $73,900

8th year – 5% increase in rents = $33,700 - $16,200 = $17,500 $91,400

9th year – 5% increase in rents = $35,500 - $16,200 = $19,300 $110,700

10th year – 5% increase in rents = $37,400 - $16,400 = $21,000 $131700

11th year – 5% increase in rents = $39,300 - $16,400 = $22,900 $154,600

12th year – 5% increase in rents = $41,400 - $16,400 = $25,000 $179,600

13th year – 5% increase in rents = $43,600 - $16,600 = $27,000 $206,600

14th year – 5% increase in rents = $45,900 - $16,600 = $29,300 $235,900

15th year – 5% increase in rents = $48,300 - $16,600 = $31,700 $267,600

16th year – 5% increase in rents = $50,850 - $3,400 = $47,450 $315,050

Real Estate Increase in Value Projection 1st year – Purchase price $165,500

2nd year – 5% Increase in rents = $173,000

3rd year – 5% Increase in rents = $182,200

4th year – 5% Increase in rents = $192,000

5th year – 5% Increase in rents = $202,000

6th year – 5% Increase in rents = $212,000

7th year – 5% Increase in rents = $223,000

8th year – 5% Increase in rents = $234,000

9th year – 5% Increase in rents = $246,000

10th year – 5% Increase in rents = $258,000

11th year – 5% Increase in rents = $272,000

12th year – 5% Increase in rents = $286,000

13th year – 5% Increase in rents = $301,000

14th year – 5% Increase in rents = $316,000

15th year – 5% Increase in rents = $332,000

16th year – 5% Increase in rents = $350,000