Yerevan, March 2, Armenpress: Ara Abrahamian, a Russia-based Armenian-born businessman, unveiled Tuesday an ambitious plan of developing Armenia's most famous resort town of Tsakhkadzor into an internationally acclaimed tourist zone, saying the first stage of this plan would require at least $100 million investment. Abrahamian said he was going to submit the plan to Armenian president Robert Kocharian.

Speaking at a yesterday news conference in Yerevan, Abrahamian said his Union of Russian Armenians had done a great deal of work with Russian and other countries' travel agencies specializing in winter tourism. He cited the Russian sport chief who said that some 500 Russian skiers may arrive in Tsakhkadzor to train there.

The plan envisages construction of a chain of 3-5 star hotels to make the resort available to people with various degree of incomes. Tsakhkadzor now has 15 hotels that can house some 5,000 people.