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NewsMontenegro, Planned construction of another hotel in Kolašin

Montenegro, Planned construction of another hotel in Kolašin

As the end of the year approaches and the end of the economic citizenship program, interest in golden passports seems to be increasing. Thus, through this program , another hotel in Kolašin was added to the list of development projects in the field of tourism. It is a 4* condo hotel R that will be built by the company Ski resort – Kolašin 1600, and whose estimated value is EUR 6.44 million.
As announced, the hotel will be built in the immediate vicinity of the ski slope, it will have 107 accommodation units, and the intention of the investor is to create 36 new jobs within the hotel.
The conceptual solution for the hotel was created by AIM Studio from Podgorica.
According to the information from the business plan, the implementation of the project does not require the involvement of credit funds, that is, it will be financed with the investors’ own funds. In order to secure the investment, a bank guarantee issued by Adriatic bank in the amount of one million euros was submitted.
The complete works, as stated, will be completed no later than November 30, 2025, and the opening of the hotel is planned for the end of 2025.
According to the business plan, it is planned that 37%, or 40 accommodation units, will be offered on the market at a minimum price of 3,800 EUR/m 2 .
When it comes to the income from the sale of accommodation units, they are projected for the period of the first three years of project implementation, that is, during the construction phase, and represent the difference between the sale price of the accommodation unit and the amount invested in their construction.
– Accordingly, these revenues are projected at EUR 776,000 in the first year, EUR 2.44 million in the second, and EUR 1.53 million in the third year of the project’s implementation – it is stated in the document published after yesterday’s Government session.
According to the projections from the business plan, the investment should be repaid in the eighth year of the project, that is, in the fifth year of the hotel’s operation.
Prime Minister Dritan Abazović, after adopting the proposal to include this hotel in the list of development projects in the field of tourism, said that, although the economic citizenship program is ending soon, there are still a lot of applications for Montenegrin passports.
– The effects are really favorable, so EUR 70 million is planned for the budget for 2023 from this project. We can start the construction of the highway, that is, the continuation of the highway with our own funds. The effects are therefore good, and if the administration was more up-to-date, they would be even better. In any case, the project as such will end, but whoever applies now in this period and goes through all the procedures, I don’t think there will be any problems for them – said Abazović.
Let us remind you that of the total number of projects approved through the economic citizenship program, the largest number is realized in Kolašin, local media writes.
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