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A total of €1,35 billion invested in ten greatest tourism projects

Sveti Stefan

According to the report adopted by the Government, around €1,35 billion has been invested in ten most important tourism projects and infrastructures across Montenegro, until the end of last year.

Most priority projects which are being carried out in the seaside of Montenegro are going clockwise and in accordance with the agreements and investment programs.

Individual data has been delivered by: Azmont Investments, Adriatic Marinas, Luštica Development, Adriatic Properties, QD Hotel and Property Investment Montenegro, OHM Mamula Montenegro, Karisma Montenegro and Ski Centers of Montenegro.

“Tourist valuation of the part of the property of Hotel and Tourist Enterprise Ulcinj Riviera, Bellevue and Olympic hotels, has significantly improved tourism offer in the southernmost Montenegrin municipality”, reads the report.

The investment encompasses adaptation of Bellevue and Olympic hotels, which were purchased by the Karisma Hotels Adriatic consortium.

Intense investment activities on the Portonovi project in Kumbor continued this year too. According to the data, around €597,91 million has been invested so far.

“Total investments in this project will amount to €969 million. Investor announced that One&Only hotel will be opened in 2020”, reads the report.

Porto Montenegro in Tivat, as the first exclusive tourist project on our coast initiated by the Canadian businessman, Mr Peter Mank, was officially opened at the end of 2010. Six years later, the first marina for mega-yachts went to the ownership of the state fund of ICD from Dubai. So far, around €640 million has been invested in the marina and accompanying facilities.

The future greatest tourist settlement on the Luštica peninsula, Lušticy Bay, has accumulated investments worth €236,91 million. Value of the entire project is estimated at €1,1 billion.

The Government’s document also touches on the projects that have just started. QD Hotel and Property Investment Montenegro company is going to build Qatari Diar in  Pržno. The project will be worth €270 million, with around €69,4 million being already invested.

New Kraljičina plaža project officially started at the beginning of November 2019. Around €60 million will be invested in this project.

A total of €2,75 million has been invested in the last six months in the reconstruction of Mamula fortress on Lastavica island, near Herceg Novi.

Montrose project has been officially named Ritz Carlton Montenegro. The location was rented in 2009, first investments were made three years later, and according to the agreement, at least €80 million will be invested in the first phase. The investment scheme is projected at €210million.

As far as projects in the north are concerned, the report states that their implementation has intensified over the past six months.

“Valuation of Durmitor has been improved drastically. In 2019, around €3,6 million was invested in Savin Kuk project”, says the report.

Agreement on the handover of the military-tourist complex Mediteran in Žabljak, where five-star Chedi hotel is planned to be constructed, was signed in July last year. The preparation of project documentation is currently underway.

Agreement on the handover of the Kolašin 1600 location was signed at the end of the year, setting preconditions for the investment in hotel and tourist complex worth €77 million.

According to the document, greatest investments were made in Tivat (€946,4 million).

 

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