Dex Squared Signs MOU with Crystal Lake Holding, LLC to Operate Landmark Hotel Development at Lake Sevan, Armenia
Dubai, United Arab Emirates | Yerevan, Armenia – February 2026
Dex Squared Hotel Management has entered into a Memorandum of Understanding with Crystal Lake Holding, LLC for the operation of a hotel within Sevan Crystal Lake Resort, marking a major milestone in the country’s evolving tourism and leisure landscape.
Under the terms of the MOU, the parties have confirmed their mutual intent to appoint Dex Squared as the preferred hotel operator.
The MOU establishes a structured framework for progressing toward a long-term operating relationship and reflects early alignment between the parties on brand positioning, operational philosophy, and the intended guest experience.
In addition to hotel operations, the parties have identified potential areas of collaboration, subject to separate agreements, including technical services consultancy, brand and concept development, pre-opening advisory support, and food and beverage strategy development.
Sevan Crystal Lake Resort is positioned as one of the largest hospitality project in Armenia and is being developed as a year-round resort and convention destination on the shores of Lake Sevan, approximately 40 miles from Yerevan and spans a total area of 59,000 square meters. The broader project comprises a 161 rooms five-star hotel, 228 cottages, state-of-the-art convention centre, casino, retail and lifestyle mall, spa and wellness facilities, entertainment venues, water activities and event spaces, complemented by direct access to a private beach.
The project has been designed with a strong emphasis on sustainability, incorporating energy-efficient building technologies, renewable energy solutions for heating and cooling, and responsible water and waste management systems supporting Armenia’s broader commitment to sustainable tourism growth.
This represents a significant milestone in Dex Squared Hotel Management’s strategic expansion into Armenia. As one of the most ambitious hospitality developments ever undertaken in the country, Sevan Crystal Lake Resort highlights Armenia’s growing prominence as a regional leisure, events, and investment destination.
For Dex Squared, the project supports continued growth into new strategic markets while laying the foundation for a long-term presence in Armenia, aligned with the country’s evolving hospitality landscape and its exciting outlook for future tourism development.
Kevork Deldelian, CEO of Dex Squared Hotel Management, expressed his enthusiasm about the collaboration:
“We are proud to be named the preferred hotel operator for Sevan Crystal Lake Resort, a project of national significance for Armenia. The scale and ambition of this development reflect the growing momentum of Armenia’s tourism sector. Our focus will be on delivering a five-star hotel experience aligned with international standards, while working closely with the ownership to position the property as a benchmark for hospitality excellence in the region.”
Alec Baghdasaryan, CEO of Crystal Lake Holding, LLC, also shared his enthusiasm for the project and the collaboration with Dex Squared:
“Sevan Crystal Lake Resort represents a transformative development for Lake Sevan and for Armenia’s hospitality sector. Designed as a landmark, year-round destination, the project sets a new benchmark in scale and vision.”
“In Dex Squared, we have selected a partner whose capabilities extend well beyond traditional hotel operations to the broader orchestration of hospitality-led destinations. Their extensive experience in managing food & beverage, lifestyle, and entertainment components, combined with their proven expertise in holiday home management and operations, aligns strongly with our vision for Sevan Crystal Lake Resort as a fully integrated, year-round destination. We look forward to a long-term collaboration that leverages this depth of capability to bring the project’s full hospitality ecosystem to life.”
About Dex Squared Hotel Management
Headquartered in Dubai, Dex Squared Hospitality is an innovative hospitality management and consultancy firm specializing in hotel operations, concept development, asset management, and F&B consulting. With a presence across the MENA region, Dex Squared delivers tailored, high-performance solutions for hotels and restaurants, ensuring operational excellence and market leadership.
About Crystal Lake Holding, LLC
Crystal Lake Holding, LLC is a real estate holding and development company based in Armenia, specializing in the planning, development, and delivery of large-scale hospitality and mixed-use projects. The company is committed to creating high-quality, destination-driven developments that contribute to the growth of Armenia’s tourism and real estate sectors. With a focus on long-term value creation, Crystal Lake Holding emphasizes strategic location selection, sustainable development practices, and integrated master planning to deliver projects that combine commercial viability with enduring community impact.