Cetinje’s Mayor, Nikola Đurašković, and the founder and director of Talija Company from Herceg Novi, Nikola Milić, signed a public-private partnership agreement in Cetinje for the design, financing, construction, reconstruction and management of the Hotel Lokanda project. The agreement also includes the construction of an underground parking garage and the redevelopment of Trg Umjetnika (Artists’ Square). This marks the first-ever public-private partnership agreement in Montenegro.
The agreement outlines a 30-month investment realization period, consisting of up to six months for the preparation of project and technical documentation from the contract signing date, followed by a maximum of 24 months for construction work after the completion of the documentation. Once the project receives formal approval from the public partner, the operational period begins, lasting 30 years.
Mayor Nikola Đurašković stated that for years, the reconstruction of Hotel Lokanda remained just a promise. With the new city administration now leading Cetinje, they have initiated one of the capital’s most significant development projects. He emphasized that Cetinje remains committed to enhancing the local economy and improving the quality of life through strategic projects that will create new job opportunities.
Talija Company is the parent firm behind the Casa del Mare brand, a renowned Montenegrin boutique hotel chain with over a decade of experience in providing authentic and luxurious hospitality on the Adriatic coast.
Nikola Milić, founder and director of Talija Company, highlighted that some places are more than just walls and foundations. He said that there are places that hold memories, remember the footsteps of those who walked through them, and are filled with emotions that continue to live on. Lokanda, he explained, is one of those places. It represents tradition, not as a burden of the past but as a responsibility of the present. Tradition is something to be nurtured, passed on, and lived through generations.
This partnership is set to revitalize an iconic historic site while bringing economic and cultural benefits to Cetinje.
