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 18.95% 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
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.
Master plan — interactive floor explorer
Floor −3 — Back of house & engineering
Level −11.40 · elevation 1356.60 m
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); workstream budgets per management model, shares rounded.
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
The competitive frame
| Model | Typical stay | Revenue logic | Demand |
|---|---|---|---|
| Mountain hotels | 1–2 nights | Room-led | Seasonal |
| Spa resorts | 2–4 nights | Room + spa | Leisure peaks |
| Standalone clinics | Program | Medical only | No hospitality |
| Swissôtel & MAYR | 5–21 days | Program-led | Year-round |
Sales & partnership system
- B2C direct — integrated digital ecosystem, pre-arrival consultations, package matching.
- B2B channels — tour operators & wellness agencies across DACH, UK and the Middle East.
- Corporate wellness — burnout prevention & performance programs; group bookings.
- Medical referrals — doctors & clinics in DACH, France, Italy and the GCC.
- Accor / ALL ecosystem — 100M+ loyalty members & global corporate sales.
Media & demand engine
- Medical & science press in DACH — doctors’ interviews, clinical protocols, longevity research.
- Luxury travel & lifestyle in Europe & the Middle East — visual storytelling of Dilijan and MAYR.
- Institutions & industry — GWI, ISPA, ITB Berlin, WTM London and regional exhibitions.
Why the integrated model matters
Longer length of stay
Program-led demand turns 1–2-night leisure trips into multi-day medical journeys of 5–21 days, lifting RevPAR and total revenue per guest.
Cross-sell & capture
Each guest engages rooms, medicine, F&B and spa within one controlled journey — F&B capture of ~1.85×, SPA and minibar linked to room revenue.
Premium positioning
A “clinic in a hotel” commands rate resilience and year-round, purpose-driven demand a hotel-only model cannot.
Organization & governance
Director of Finance
Budgeting, controls, treasury and procurement; reporting to international standards.
Director of Sales
B2C/B2B demand generation, channel partnerships and revenue management.
Director of Medicine
Clinical governance of MAYR programs, medical staffing, protocols and patient safety.
Director of Operations
Five-star service delivery across rooms, outlets and facilities.
Director of HR & Development
Recruitment, Accor-standard training, local employment and staff accommodation.
Combining professionals from Accor management, HPS, MAYR and Anna Premium Clinic — diverse industry experience and established governance. 237 staff across departments; the resort prioritises local employment, professional development and on-site accommodation for relocated and seasonal staff.
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.
Macroeconomic snapshot — Armenia
Real GDP growth, 2022–2025
Inbound tourists, 2019–2025 (thousands)
Source markets
Top tour destinations, Jun 2025
Real-estate transactions, 2019–2025
Branded residences — apartment component
- 12 units on the 5th floor, integrated into the hotel ecosystem.
- 1,800 m² sellable area · USD 4,250 / m² (≈AMD 1.66M).
- ~12-month expected sell-out — an additional real-estate stream of ~AMD 3 bln.
- Owners gain access to resort services; units remain part of the wellness positioning.
Apartment comparables — asking price (AMD K / m²)
Competitive positioning — pricing power
Price benchmark — room + medical per night (AMD)
EU-level care at a regional price
- Medical services fixed at EUR 420 / night — 39.6% below the MAYR network in Austria (≈EUR 695).
- Published room rates at 60–65% of the European average — premium locally, accessible internationally.
- Program pricing EUR 2,100–3,800 per 5-day stay; ramp to ~3,218 packages / year.
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)
Departmental profit — GOP build-up (mln AMD)
| mln AMD | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 | 2036 | 2037 | 2038 | Total 10y |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Rooms | 678 | 1,349 | 1,636 | 1,888 | 1,951 | 2,024 | 2,094 | 2,167 | 2,237 | 2,309 | 18,333 |
| Food & beverage | 103 | 200 | 236 | 248 | 271 | 274 | 281 | 297 | 309 | 324 | 2,543 |
| Medical centre | 170 | 936 | 1,597 | 1,967 | 2,116 | 2,200 | 2,281 | 2,452 | 2,623 | 2,712 | 19,054 |
| Other | 19 | 51 | 67 | 77 | 81 | 84 | 88 | 92 | 95 | 99 | 753 |
| Gross operating profit (GOP) | 346 | 1,728 | 2,598 | 3,131 | 3,337 | 3,477 | 3,614 | 3,845 | 4,070 | 4,222 | 30,368 |
Operating KPIs by year
| KPI | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 | 2036 | 2037 | 2038 | Δ 10-yr |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Occupancy | 40.9% | 55.5% | 66.0% | 68.1% | 71.2% | 71.7% | 72.6% | 74.3% | 76.1% | 77.9% | 41→78% |
| ADR · AMD | 79,918 | 105,112 | 107,192 | 118,248 | 117,037 | 120,241 | 122,530 | 123,274 | 124,404 | 125,180 | +57% |
| RevPAR · AMD | 31,525 | 58,324 | 70,791 | 80,586 | 83,356 | 86,248 | 89,002 | 91,660 | 94,675 | 97,527 | ×3.1 |
| Total RevPAR · AMD | 74,075 | 153,011 | 206,038 | 239,740 | 252,476 | 260,582 | 268,479 | 280,925 | 294,666 | 303,497 | ×4.1 |
| GOP margin | 15.8% | 38.2% | 42.7% | 44.1% | 44.7% | 45.1% | 45.5% | 46.2% | 46.7% | 47.1% | 15.8→47.1% |
Debt schedule (mln AMD)
| mln AMD | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 | Total |
|---|---|---|---|---|---|---|---|---|
| Opening balance | 4,287 | 3,675 | 3,062 | 2,450 | 1,837 | 1,225 | 612 | – |
| Scheduled repayment | (612) | (612) | (612) | (612) | (612) | (612) | (612) | (4,287) |
| Interest expense | (399) | (339) | (279) | (218) | (158) | (98) | (38) | (1,529) |
| Closing balance | 3,675 | 3,062 | 2,450 | 1,837 | 1,225 | 612 | – | – |
| DSCR | 0.61x | 1.01x | 2.02x | 2.77x | 3.24x | 3.70x | 4.24x | 0.61→4.24x |
Room-fund occupancy by year
What drives year-round fill
The medical centre anchors demand across all seasons — program-led stays of 5–14 days smooth the curve that a leisure-only resort would see collapse off-peak. ADR rises 5% for every 10% above maximum occupancy in high season.
Construction & occupancy timeline
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%)
Free cash flow to firm — DCF basis (mln AMD)
| mln AMD | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 | 2036 | 2037 | 2038 | Total 10y |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EBIT × (1 − tax) | 502 | 791 | 1,476 | 1,889 | 2,049 | 2,157 | 2,262 | 2,445 | 2,623 | 2,739 | 18,933 |
| + Depreciation & amortisation | 610 | 617 | 617 | 617 | 617 | 617 | 617 | 617 | 617 | 617 | 6,163 |
| − Change in working capital | (7) | (92) | (60) | (40) | (15) | (10) | (10) | (16) | (16) | (14) | (280) |
| − CAPEX | (1,106) | – | – | – | – | – | – | – | – | – | (1,106) |
| Free cash flow to firm | – | 1,316 | 2,033 | 2,465 | 2,651 | 2,765 | 2,869 | 3,046 | 3,224 | 3,342 | 23,711 |
NPV sensitivity — WACC × terminal growth (AMD bln)
| WACC \ g | 0.5% | 1.5% | 2.5% | 3.0% | 3.5% | 4.5% | 5.5% |
|---|---|---|---|---|---|---|---|
| 11.46% | 6.8 | 7.7 | 8.7 | 9.3 | 9.9 | 11.6 | 13.8 |
| 12.46% | 5 | 5.6 | 6.3 | 6.8 | 7.3 | 8.4 | 9.9 |
| 13.46% | 3.5 | 4 | 4.5 | 4.8 | 5.2 | 6 | 7 |
| 14.46% | 2.3 | 2.6 | 3 | 3.3 | 3.5 | 4.2 | 4.9 |
| 15.46% | 1.2 | 1.5 | 1.9 | 2 | 2.2 | 2.7 | 3.2 |
| 16.46% | 0.4 | 0.6 | 0.9 | 1 | 1.2 | 1.5 | 1.9 |
| 17.46% | -0.3 | -0.1 | 0.1 | 0.2 | 0.3 | 0.6 | 0.9 |
Key sensitivities & mitigants
- A 1% rise in WACC requires terminal growth of ~5.5% to hold the base-case NPV.
- A ~4% rise in WACC (toward 18.5%) turns NPV negative under most growth scenarios.
- In a conservative scenario (~60% stabilized occupancy), NPV remains positive at ≈AMD 2.3 bln; a 20% cut in service prices turns NPV negative.
- Mitigants — early fixed-price / locked-rate contracting for key works and equipment; EUR-linked medical pricing.
Exit strategy — investor returns
Composition of gross investor proceeds — AMD 53,008 mln; total net cash benefit of AMD 41,372 mln is stated net of invested capital. Source: management financial model (June 2026), aligned with the investor presentation.
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
