Construction work on the luxury hotel and residential complex Porta Rai Beachfront Hotel & Residences, on the site of the former "Lido" hotel on Velika Plaza in Ulcinj, officially began today, announced the international groups Karisma Hotels & Resorts and Dobrov & Family Group, which are behind the project.
Hotel "Lido" belonged to the state-owned company "Ulcinjska rivijera", which sold it to the company "Capital estate" in 2006 for 10,8 million euros.
International groups will invest 178 million euros in direct investments in the implementation of the project, while the statement emphasizes that the total economic effect is estimated at as much as 278 million euros over the next ten years.
"In the first phase, part of the hotel facilities, residential units and supporting infrastructure will be built. The completion of the entire construction is planned for 2029. Porta Rai will be the first five-star hotel-residential complex on Velika Plaza. Our guests will enjoy complete hotel service, a state-of-the-art spa center, numerous restaurants and bars, sports fields, as well as rich content for children," reads the statement signed by Karisma Hotels & Resorts Director for Europe and the Middle East Nemanja Kostić, and Dobrov & Family Group Director for Montenegro Dragan Lučić.
It is emphasized that the project also brings a strong contribution to the Montenegrin economy - 800 new jobs will be created, mainly for the local population, with the engagement of domestic construction companies and suppliers.
It is recalled that in previous Karisma projects in Montenegro, more than 90% of contractors were local partners and that the same practice will be applied in the implementation of this investment.
"Our goal is simple - to combine the best of the world with the values of the local community. This project demonstrates investors' confidence in the long-term potential of Montenegro as an elite destination for sustainable tourism," the statement reads, adding that the Porta Rai Complex will be a world of luxury and peace, with elegant residences, restaurants, a spa and wellness center, seven swimming pools, sports fields, children's amenities and an exclusive shopping promenade.
It is emphasized that special attention will be paid to preserving the natural environment and authenticity of Velika Plaza.
"With this project, Ulcinj is positioning itself as a new address for luxury tourism in the Mediterranean, while Montenegro once again confirms its status as an attractive and responsible investment destination," the statement said.
"Vijesti" previously announced that the luxury five-star hotel will be built using the condo business model.
According to the Tourism Act, in the condo business model, owners who purchase apartments must make them available to the hotel for rental for ten months a year.
As Karisma explained at the time, the prices of apartments for sale (condominium units) vary because they are influenced by many factors, but in the first phase the average price ranges from 320.000 euros to 1.400.000 euros.
The company "Capital Estate", which purchased the "Lido" hotel in 2006 from HTP "Ulcinjska rivijera", will jointly implement this investment with two international groups.
"Vijesti" announced in July last year that the Ministry of Spatial Planning, Urbanism and State Property had given approval to the Budva-based company "Capital Estate" for a preliminary architectural design for the construction of a luxury five-star hotel complex on Velika Plaza in Ulcinj, on the site where the "Lido" hotel once stood.
"Karisma" has been present in Ulcinj for eight years, when it took over the hotels "Belvi" and "Olimpik" on Velika Plaza on a thirty-year lease from HTP "Ulcinjska rivijera", which later operated within the hotel complex "Holiday Village Montenegro" and "Azul Beach Resort Montenegro".
Dobrov & Family Group is a private international business group with over 35 years of experience in various industries.
See more:
Download the app and follow the news
FOLLOW US ON
