This landmark development marks Kempinski Residences’ first venture into Armenia and the Caucasus region of Eastern Europe, representing the fifth new Kempinski residential project signed in a year.
GENEVA – Kempinski unveil its latest addition to the Eastern European portfolio with the introduction of Artlife Kempinski Residences Yerevan. This prestigious development serves as the cornerstone of a mixed-use development valued at US $180 million, poised to bring the world’s foremost luxury brands to the vibrant Armenian capital. Spanning over 100,000 square meters, the ArtLife Teryan project is taking shape in the heart of Yerevan, thanks to the visionary real estate developer Renshin Urban Investments, a group of companies with diverse interests in renewable energy, telecoms, IT, and finance.
“Kempinski prides itself on the strengths of its relationships with owners and developers. In Renshin Urban Investments, we have found a like-minded partner that shares our values and wants to create best-in-class residences that will carve out a new niche for luxury living in Yerevan,” says Bernold Schroeder, Chief Executive Officer of Kempinski Group and Chairman of the Management Board of Kempinski AG. “As the fastest-growing segment for our business, Kempinski Residences present an opportunity to deliver the first-class hospitality offerings for which we are known in the discrete and intimate setting of a private residential environment.”
The partnership between Kempinski and Renshin was officially inaugurated on July 7, 2023, through a spectacular “Gatsby-style” event that embodied the art-deco architecture of the ArtLife Kempinski Residences Yerevan. Esteemed guests at the event included government officials, prominent business figures, influential personalities from the arts, fashion and television industry. The occasion was marked by the presence of Kempinski’s renowned Ladies in Red from Armenia, captivating jazz bands from both Armenia and abroad, fascinating dance performances, and an enchanting reception inspired by the glamour of the 1920s. All of these formed an exceptional celebration of this significant collaboration.
Europe’s most experienced hotel operator will bring its 125 years of management expertise to the project via almost 300 beautifully designed apartments and 50-key extended stay suites that will set new standards for luxury in the Armenian capital when complete in 2024. Targeting affluent Armenians and the country’s vast diaspora, the Residences are available for purchase as private apartments or income-generating assets that can be added to the hotel’s rental inventory.
Inspired by a fusion of traditional Armenian architecture and modern Art Deco aesthetics, ArtLife was honored with the prestigious International Property Award for Best Mixed-Use Architecture in Armenia last year. The project also achieved an impressive “Five Stars” rating across three categories, solidifying its position as a top contender for Best Mixed-Use Development in Europe.
Artlife Kempinski Residences Yerevan will overlook a central open-air boulevard and plaza adorned with an array of prestigious retail boutiques showcasing leading luxury brands. Additionally, the complex will house high-end restaurants, bars, cafes, a gourmet market, homeware stores, and a florist. Artlife Kempinski Residences Yerevan will also feature extensive spa and wellness facilities, meticulously crafted by Kempinski Group’s subsidiary Resense. These amenities include an indoor swimming pool, an outdoor rooftop pool and lounge, and a yoga platform.
ArtLife is envisioned as a cultural and lifestyle hub, catering to the needs of Yerevan’s most discerning residents. The development boasts its own events center, hosting a calendar of year-round performances, an art gallery, a private members’ club with a cigar lounge, children’s entertainment facilities, a private cinema, a golf simulator, a barber shop, and an aesthetics clinic. The project will also provide ample parking facilities and a helipad for the utmost convenience.
Located at the downtown of Yerevan, ArtLife enjoys a prime position just in a couple of minutes away from the Armenian National Opera and Ballet Theatre, Freedom Square, and several of the city’s top museums. With a population of just over three million, Armenia is home to an additional 7-9 million Armenians living overseas. The luxury retail industry in Armenia is growing in a double-digit pace due to the steady increase in GDP, which reached $19.5 billion in 2022, while GDP per capita has almost doubled since the last year. Dram, the local currency is resistant to economic fluctuations and did not change its rate for several years.
Yerevan is considered one of the safest cities in the world, with extended summers and mild winters. The city has a special ambiance, which is complemented by many festivals and cultural events. Armenia has a rich centuries-old heritage covering various aspects of art.
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