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Tuesday, May 28, 2024
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Montenegro’s major tourism investments: A comprehensive look

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Investments in Montenegro’s tourism sector have seen significant figures across various projects. Portonovi leads with a staggering 853 million euros, followed by Luštica Bay with 447 million euros, Hotel Belvi with 26 million euros, and Kolašin 1600 with 20 million euros. However, Plavi Horizonti remains stagnant in terms of construction progress, while legal battles have entangled projects like Kraljičina Plaža and Mediteran.

The development of the Porto Montenegro tourist complex has surpassed expectations, with an investment of 923.4 million euros, doubling the initially contracted amount of 450 million euros. Owned by a Dubai-based investment fund since 2016, the project’s development contract dates back to 2008, signed with Adriatic Marinas and P. M. Securities INC.

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In Kumbor, Azmont Investment from Azerbaijan has injected 835 million euros into the Portonovi complex since 2013, exceeding the agreed-upon investment of 258 million euros for the initial eight years of the lease.

Luštica Bay, under the ownership of Swiss-Egyptian Orascom Development Ltd. since 2009, has seen investments totaling 447 million euros, including the reconstruction of the Mamula fortress on Lastavica Island, amounting to 36.6 million euros.

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The construction of the Queen’s Beach Hotel in Sveti Stefan faced setbacks, halting progress by 2022 due to disputes between the lessee, Adriatic Properties, and the government over beach access. This legal dispute has been in arbitration since.

Plavi Horizonti, under the ownership of Qatari Diar since 2010, awaits construction initiation, with maintenance costs of 1.7 million euros incurred last year. Despite governmental approvals, construction has yet to commence.

The consortium Karisma Hotels Adriatic Montenegro has allocated 26 million euros for the revitalization of the former Belvi and Olimpik hotels, notably upgrading the Bellevue hotel to a four-star category.

The realization of the lease contract for the “Mediteran” military-tourist complex in Žabljak remains stalled since 2020 due to regulatory hurdles, leading to legal action by the investor against the state.

Lastly, the Kolašin 1600 mountain resort, operated by a consortium including Gener 2 from Albania, has seen investments of 20 million euros since 2019, aiming to bolster its tourism infrastructure.

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