A longevity & medical resort,
where Swissôtel meets MAYR
An integrated five-star hospitality and European-level medical destination in the forests of Dilijan — operations from 2029.
Scenario explorer
Switch the demand case — the occupancy ramp and stabilised KPIs update live.
occupancy
Why this project
- Clinic-in-a-hotel — medical services are the primary value driver (52% of revenue).
- Underpenetrated market — Armenia is early in its premium-wellness cycle; Dilijan is the #2 tour destination.
- Dual brand credibility — Swissôtel hospitality + MAYR medical methodology.
- Year-round demand — purpose-driven longevity programs, not seasonal leisure.
- Value creation — IRR 19.06% vs 14.46% WACC; investor IRR 23.76% at exit.
Demand segments — concentric reach
Core segment: affluent wellness travellers aged 35–65 (esp. 40–55) seeking preventive health & longevity; typical stay 5–14 days, repeat cycle 12–18 months.
Project partners
MAYR
Accor · Swissôtel (hospitality & ALL distribution) · MAYR (longevity & medical methodology) · HPS (project management).
Concept, programs & pricing
Strategic positioning — a unified recovery system
The modern wellness sector is shifting from traditional spa retreats toward science-backed, comprehensive medical practice. The resort positions itself as a holistic recovery centre — combining the medical expertise of European-level MAYR, the five-star infrastructure of Swissôtel and the natural potential of Dilijan. A “clinic in a hotel” model enables premium pricing, longer stays and a shift from room-led to program-led commercial logic.
Three-level product system
Level 1 — MAYR Programs · MEDICAL
Diagnostics, lab tests, gastro/metabolic profile, individualized nutrition, manual techniques, recovery plans.
Level 2 — Aesthetic device-based medicine
Device rejuvenation, body aesthetics, skin treatments, lymphatic drainage, physiotherapy, neuro-relaxation.
Level 3 — Holistic & mental wellness
Mindfulness, breathing, meditation, sleep restoration, energy rituals, nature activities.
Longevity packages — select to explore
For guests new to the resort approach: nutritional adjustments, mild detox and initial lifestyle change. Mass-market entry point.
Pricing policy — published rates (AMD / night, VAT incl.)
Rates set at 60–65% of European averages; ADR rises 5% per 10% above max occupancy. SPA 6% & minibar 1.2% of room revenue.
Construction timeline — 2026 → 2029
Operations commence 2029. Total CAPEX AMD 15 bln (€34M): construction 10,060 · equipment 3,280 · design 1,662 · contingency 940 (mln AMD).
SWOT — at a glance
Strengths
- World-class brands & medical orientation
- Landscape views, premium positioning
- EU-level services at lower price
Weaknesses
- Narrow high-income / foreign focus
- Emerging destination — brand-building
- Reliance on Yerevan transfers
Opportunities
- World Bank / EBRD / IFC support
- “Armenian Switzerland” positioning
- Eco-tourism & new transport routes
Threats
- Regional geopolitical uncertainty
- Seasonality (peak summer/fall)
- Russia source-market decline
Armenia: momentum & wellness demand
Why Armenia · why Dilijan · why now
Why Armenia
A market moving from latent potential to measurable momentum — rising visitors, strengthening awareness, yet significantly underpenetrated in branded wellness supply. A rare opening to secure a premium position before benchmarks shift.
Why Dilijan
Forested landscapes, clean air and cool climate — the “Armenian Switzerland”. One of few destinations suitable for a year-round wellness resort, recognised nationally yet underdeveloped in high-end accommodation.
Why now
Global premium travel is shifting from passive spa to outcomes — longevity, diagnostics, recovery. The Swissôtel × MAYR partnership elevates credibility while the window for category leadership remains open.
Where the demand comes from — guest origin & flows
An internationally diversified catchment — anchored in the DACH region and the Gulf, with strong CIS and wider-European feeders and an emerging Asia-Pacific tail. Every flow converges on Dilijan.
Inbound tourists, 2019–2025 (thousands)
Source markets, 2024
Top tour destinations, Jun 2025
Real-estate transactions, 2019–2025
External environment (PESTEL)
Political
World Bank $100M program backs Armenia's 2026–2030 tourism strategy; Dilijan one of seven clusters.
Economic
~10% p.a. growth in arrivals; tourism ≈12% of GDP and a major job creator.
Social
Popular year-round getaway; developed infrastructure; cultural/educational hub.
Technological
Growing digital-marketing scene — OTAs, social & influencers reach demand.
Environmental
Forests, lakes & mountains; NDC targets −40% GHG by 2030 vs 1990.
Legal
Internationally aligned IP law protects brands & franchising.
Ten-year performance
Revenue by service line — drag the year
Profitability margins
Debt service coverage (DSCR)
Profit & loss — summary (mln AMD)
Profit & loss · Cash flow · Balance sheet
Value & sensitivity
Live DCF — move the sliders
FCFF discounted from project initiation; Gordon-growth terminal value on 2038 FCFF. Base case reproduces the model's AMD 3,287 mln NPV at 14.46% / 3.0%.
Service-price sensitivity
Illustrative: NPV is highly sensitive to medical-service pricing — a ~20% cut pushes the project to a negative NPV (per the GT sensitivity analysis).
Cost of capital — build-up
- Risk-free — Armenian 10-yr eurobond 7.1%
- + β × equity risk premium +4.67%
- + Size premium +5.01% · company-specific +1.33%
- Cost of equity 18.1% · WACC 14.46% (35% debt @ 9.84%)
Exit strategy — investor returns
Note: the GT deck reports these figures; the latest model shows a slightly different exit (IRR 18.95% · gain 35,284 · dividends 17,724 · total 41,372) — to be reconciled.
90 min from Yerevan, 3 h from Tbilisi
Region map — Yerevan · Dilijan · Tbilisi
Interactive — drag & zoom. The gold route animates Yerevan → Dilijan; the second route runs Dilijan → Tbilisi. Map styled to the project palette.
The setting
- Set within 25 ha of pine forest with ready-to-use infrastructure.
- 1.64 ha site · 19,500 m² built area (hotel 15,500 · medical 4,000).
- "Armenian Switzerland" — climate & nature for a year-round wellness resort.
Architecture, interiors & setting
