[citation needed] The 5-story domed Golden Palace Hotel was officially opened on 2 March 2013 in the presence of president Serzh Sargsyan.

The Golden Palace Hotel Resort and Spa is located on a hill near Mount Teghenis of the Tsaghkunyats mountain range, approximately 2100 meters above sea level,[3] around 55 km north of the capital Yerevan.

[5] The hotel is topped with a gold-coloured central dome, while the building is covered with white marble.

[11][12] Tsaghkadzor is one of the four towns of Armenia that are allowed to accommodate gambling houses and activities in urban settlements.

Golden Palace Tsaghkadzor hosted the 2015 FIDE World Team Chess Championship between 18 and 29 April 2015.