Swiss company will build a resort in Montenegro

Montenegro, in which the holiday is still considered to be one of the best ways to spend your summer vacation on the Adriatic coast, is an attractive target for international hotel investors. The next place where will be constructed new hotels in Montenegro is a neighborhood of the Tivat resort - the Lustick Peninsula. Hotels, golf courses and shopping centers will be presented at an area of 6.8 million square meters in the vicinity of Tivat in the near future where will be built a new luxury resort.

An agreement for building a new resort in Montenegro was signed in late October 2009 between the Swiss company Orascom Development Holding and the state hotel company of Montenegro Lustica Development AD Podgorica. Under the contract Orascom has received 90% of Montenegrin company and the right to build on the territory of sites and beaches on the Adriatic coast of Montenegro formerly owned by Lustica. Package of 10% will remain owned by the Government of Montenegro.

Dimensions of the future resort in Montenegro impress the mind. According to the plans of Orascom a new region for holidays in Montenegro in addition to the hotel will include in total more than 2300 villas, cottages and tourist residences. At the resort will be also constructed a pier for yachts, city center and commercial establishments. The overall cost of the project in Montenegro is not announced by Orascom.

The first stage of the project for building a new resort near Tivat will include the construction of hotels, the coastal residential zone and building on of the center. For the realization of the initial phase of building a new resort in Montenegro according to preliminary estimates will require 5 years.

Today the Orascom company is known for its large-scale project on construction of hotels in Egypt. On the Red Sea coast Orascom has erected the super elite El Gouna. The company plans to build new resorts in Turkey and the UK. Also in the interests of Orascom are Morocco, UAE, Jordan, Switzerland and Oman.

Montenegro today is a region for rest, which suffered from the global financial crisis much less than the tourist industry of such European giants such as Spain or France. The level of inbound tourism in Montenegro for 8 months of 2009 remained approximately at the level of 2008. At the same time there is the 5% reduction in the number of overnight stay, including such popular resorts as Becici, Petrovac, Kotor and Tivat.