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Friday, April 12, 2024
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Two more projects were added to the list of development projects in tourism

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Two more projects were added to the list of development projects in the field of tourism. It is about the construction of a high-class hotel-apartment complex in Tivat, that is, a hotel in Budva, and the total value of both investments will be around EUR 74 million.
The consortium of companies ALK Montenegro and Sofir plans to build a 5-star hotel in the vicinity of the sea coast and the city’s main marina, in Tivat, based on the condo business model, with 77 accommodation units, with an estimated value of EUR 22.77 million. The intention of the investor is to create 82 new jobs within the hotel.
– According to the business plan, it is planned that at least 46 accommodation units will be offered on the market, at a minimum price of EUR 5,289 per m2 , together with the associated garage or parking spaces – the Government announced.
When it comes to the income from the sale of accommodation units, they are projected at 1.75 million EUR in the first, 3.51 million in the second and third years of the project implementation.
 
It is planned that the investment will be carried out over the longest seven semesters, and that the complete works will be completed by March 31 at the latest, while the opening is planned for April 1, 2026. According to the projections from the business plan, the investment should be repaid within 12 years of the project.
The list of development projects in the field of tourism also includes the construction of the Prezident Hotel in Budva. As explained, the company ALK Nekretnine plans to build a hotel in the immediate vicinity of the marina and the old town, it will also have five stars, and the estimated value of the investment is EUR 51.37 million.
The hotel will operate according to a mixed model, it will have 154 accommodation units, and the intention of the investor is to create 123 new jobs within the hotel.
– According to the Business Plan, it is foreseen that the investor will be able to, due to the existence of market opportunities that justify, and in accordance with the law, the offer on the market of 77 accommodation units. However, the investor’s intention is that this number should not exceed 66, and that such an offer should include only apartment-type units, together with the associated parking spaces, at a minimum price of EUR 4,000 per m 2 – it was clarified.
When it comes to income from the sale of accommodation units, expected for the period of the first four years of project implementation, that is, during the construction phase and the first year of operation of the hotel. 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 investor’s own funds.
The plan is to implement the investment over a maximum of eight six-month periods, and complete the works by April 30, 2026 at the latest. The opening is planned for May of the same year.
In order to secure investments, bank guarantees in the amount of one million euros were submitted for both projects. According to the information from the business plan, the implementation of the projects does not require the involvement of credit funds, that is, they will be fully financed by the investors’ own funds, local media reports.
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