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NewsMontenegro, EUR 2 billion has been invested in priority projects in the...

Montenegro, EUR 2 billion has been invested in priority projects in the field of tourism in 2022.

So far, more than 2 billion EUR has been invested in priority projects in the field of tourism that are being implemented on the Montenegrin coast. Looking at the municipalities, the most was invested in Tivat – EUR 1.2 billion, while EUR 894.1 million was invested in projects in Herceg Novi. Projects worth 26 million EUR are being implemented in Ulcinj, and projects worth 11.7 million in Budva. Also, the implementation of multi-million dollar projects in the north of Montenegro is underway.

As stated in the information on the realization of these investments for the first half of 2022, most projects are implemented in accordance with the obligations from contracts and investment programs, with minor deviations in terms of the dynamics of the realization of planned activities.

When it comes to the north and the valorization of the location in the area of Bjelasica and Komovo, the contract for the lease of the location of the mountain center Kolašin 1600, where the construction of a hotel-tourist complex with a total value of 77 million EUR, has come into force. The lease agreement was signed with the Kolašin 1600 consortium, which consists of the companies Gener 2 sh.p.k. from Albania and Ski resort Kolašin 1600 from Kolašin. The hotel will be managed by Accor Hotel Group.

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Activities on this project are taking place according to the planned dynamics. Work continued on the K16 hotel and the construction of the apartment building Q began. According to the investor, 96 people were engaged in the project, of which 56 were from Montenegro, and the remaining 40 from abroad.

A total of EUR 7.79 million has been invested in the project so far, and around EUR 1.21 million was invested in the period from January to June this year.

When it comes to the project at the location of the military-tourist complex Mediteran in Žabljak, where the Chedi Hotel is planned to be built, and which is being implemented by the consortium of CG SKI, the procedure for verifying the submitted construction application was terminated, and in accordance with the opinion of UNESCO, which gave recommendation not to allow the construction of tourist infrastructure such as hotels within Durmitor National Park. In the meantime, the investor filed a lawsuit against Montenegro for actual damages and lost profits in the total amount of EUR 26.27 million.

The report also states that In the first half of this year there was no activity on the realization of this project, and the total investments so far amount to around EUR 1.08 million.
The Government states that it is necessary to protect the state’s interests in the court process based on the filed lawsuit, and in the further proceedings to provide final opinions and possible preconditions for valorization in accordance with legal regulations and UNESCO restrictions.

The Porto Montenegro project Is being implemented by the Adriatic Marinas company in Tivat, and the investments in this complex exceeded the agreed investment value of EUR 450 million. EUR 839.6 million has been invested in the marina so far, while EUR 27.2 million was invested in the first six months.

The Boka Place settlement is currently under construction in the complex. The companies implementing the Porto Montenegro project employ 570 people, of which 443 are Montenegrin citizens and 136 are foreigners.

About 830 million EUR has been invested in the Portonovi project in Kumbor by Azmont Investments, of which 13.65 million was invested in the period from January to June this year.

32 retail stores have been opened within the complex, and by the middle of 2023, new restaurants and three large fashion stores of the world’s most famous brands are expected to open. Also, at the beginning of this year, EUR 2 million was invested in equipping an additional 50 apartments, that is, apartments, so from the previously equipped 47, a total of 97 apartments are available for rent.

Around 700 people are employed in the entire tourist complex during the season, and that number does not include employees in sales facilities, which are expected to be around 650-700 more, taking into account the opening of new facilities.
Since the beginning of the implementation of the Luštica Bay project, more than 333 million EUR have been invested in this tourist resort, while in the first half of this year around 26.79 million have been invested.

In the report for the period from January to June of this year, it is stated that, among other things, activities are ongoing within the Marina Village and Centrale settlements, as well as works within the Golf Zone. When it comes to the number of employees, 504 people were employed in the management of the companies managing the project until June, of which 423 are domestic and 81 are foreign nationals. During construction works, the company employs an additional 350 to 400 workers on average.

As part of the Blue Horizons tourist complex, which is backed by the Qatari Diar investment fund, the construction of a luxury 5-star hotel with a capacity of 168 accommodation units, villas and annexes with 78 accommodation units, a spa center, a swimming pool, a restaurant, a tennis club with courts, a beach bar is planned. , coastal walker, etc. A total investment of EUR 270 million is planned.

Given that the dynamics of the project implementation is not at the expected level, previously the Ministry of Economic Development tried to initiate holding meetings with the investor in order to obtain more precise information about investments and open questions related to the implementation of the project, but they were not organized due to the impossibility of the investor’s presence.

According to the information received from the investor, EUR 81.1 million has been invested in the project so far, of which EUR 1.3 million was spent in the reporting period on site maintenance, company functioning, as well as interest on loans. Currently, one employee is engaged on the project.
The Mamula Island project is being implemented in Herceg Novi, and the contract for the lease of the Lastavica island with the Mamula fortress was signed with Orascom Development. The contract envisages the reconstruction of the Mamula fortress into a unique hotel of museum character, category 5 stars and a capacity of 34 hotel rooms, with catering facilities, a memorial room, sports, educational and accompanying facilities, all in accordance with conservation conditions. The amount of the contracted investment is 15 million euros,

According to the latest investor estimates, the total investment will exceed EUR 36.5 million, excluding the operating budget for 2022, when the hotel was expected to open for commercial operations.

EUR 29.8 million has been invested in the project so far, of which EUR 8.9 million in the reporting period.

When it comes to the number of employees, 17 people are currently employed in the management of the company, of which 15 are local and two are foreign nationals. 18 subcontractors have been hired for the adaptation and reconstruction of the Mamula fortress, and the number of workers on the island, including supervision, ranges from 140 to 215 on a daily basis.

When leasing the Kraljičina plaža hotel, Adriatic Properties undertook to invest no less than EUR 110 million in the hotel complex, which includes the Kraljičina plaža, Sveti Stefan and Miločer hotels. It is planned that the future hotel will be of 5-star category, with a capacity of 126 accommodation units.

According to the latest available data obtained from investors at the beginning of 2022, a total of EUR 11.7 million was invested in the project, not including the funds invested in the showroom. Of the total amount, 1.7 million was invested during 2021.

The Government also reminds that in 2021 the company Adriatic Properties initiated arbitration proceedings before the London Court of International Arbitration.
When it comes to the Bellevue and Oliympic hotels in Ulcinj, the hotel leasing contract was signed with the Karisma Hotels Adriatic Montenegro consortium. The report states that the hotels Holiday Village Montenegro and Long Beach Hotel Montenegro have been rebranded under the name Azul Beach Resort Montenegro.

Approximately EUR 26 million has been invested in the project so far through two investment phases, as well as EUR one million realized for the next investment phases, while approximately EUR 1.4 million has been invested in 2021 and 2022.

According to the information received from the investor, the investments in 2022 amount to around EUR 800,000 and relate to the arrangement of the main restaurant in the Azul Beach Montenegro complex, the purchase of generators for electricity, as well as investments in other restaurants and bars, as well as the beach within the resort. The aforementioned investments were realized during the first six months of 2022.

According to data received from investors, in the period from January to June 2022. , the hotel employed from 60 to 250 people, mostly from Montenegro.

The Montrose – Ritz Carlton Montenegro project on the Herzegovinian part of the Luštica peninsula is being implemented by the companies Northstar and Equest Capital Limited.

The Ritz-Carlton Montenegro resort is to be a 300-unit hotel, a mixed business model, with 120 hotel units and 180 suites. According to earlier announcements, the first phase of the project, in which a hotel, 113 apartments and 13 villas, and four restaurants will be built, was supposed to be completed in the summer of 2023. However, how the implementation of the project will proceed remains to be seen, given that the company Northstar submitted to the Ministry of Finance on July 22 this year a letter informing the Government of the termination of the contract on long-term land lease.

According to the latest data received from the investor, EUR 34.34 million has been invested in the project since its implementation, local media reported.

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