This year, a total of €354m will be invested in three most important tourist projects in Montenegro – Portonovi, Lustica Bay and Porto Montenegro.
The projects are worth €2.23bn. The biggest this year’s investments will be carried out by the Azmont Investments company, implementing the Portonovi project in Kumbor. Azmont has planned to perform works worth €290m, as much as the company invested in Montenegro over the past 6 years.
“We are planning to open resort with the marina this year and the first European One&Only hotel next year,” Adrijana Husic, Corporate Communications and CSR manager, told Dnevne Novine.
The construction of this tourist complex began in 2012, and the investor is satisfied with the pace of the works.
Since entering the market until June 2017, Azmont Investments has invested €290m altogether and the total planned investment amounts to €650m. According to the contract, the investor was obliged to invest €52m in the first four years and €258m by 2020.
The Chedi hotel to be opened
This year, Lustica Development plans to invest around €50m in its Lustica Bay project, which is the single largest investment in Montenegrin tourism. Its focus will be the opening of The Chedi hotel, the first one on Lustica peninsula and one of the largest in the Bay of Kotor, as well as a marina with 176 berths.
“By the end of summer, The Chedi Lustica Bay will be opened, the first luxury five-star hotel in the Lustica peninsula,” said Dragana Becirovic on behalf of Lustica Development.
This hotel with 111 rooms, an international restaurant, a bar, a conference and business centre, an outdoor heated pool, a spa and fitness centre with indoor heated pool and gym, will also have retail and business facilities on the marina promenade.
So far more than €133m has been invested in Lustica Bay, out of the estimated €1.1bn.
The bay under construction
The construction of Porto Montenegro will be continued this year, although the investor has already exceeded the planned €450m investment. Porto Montenegro’s this year’s projected investments amount to around €14m. The sum will be invested in construction of a new business and residential facility within the second phase of the Regent Pool Club Residences complex.