The Government adopted the Information: Urgent response required, the investor has not submitted a new bank guarantee

The Government has adopted the Information on the implementation of activities on the project to build a hotel and apartment complex in Tivat using the condo model, which, among other things, requests its urgent reaction due to the expiration of the bank guarantee.

The Information requests an urgent reaction from the Government, given that the existing bank guarantee expires on Friday, and that the consortium implementing the project, despite the urgency of the competent ministry, has not submitted a new one.

The Ministry of Regional Investment Development and Cooperation with Non-Governmental Organizations sent an urgent request to the consortium, consisting of Podgorica's ALK Montenegro and Tivat's Sofir, to submit a new dynamic plan with a new deadline for the hotel's completion.

The Ministry also requested a new bank guarantee, the validity of which would be extended by at least 30 days from the fulfillment of obligations stipulated in the new business and dynamic plan.

"Given that the investor, despite the urgency, has not submitted a new bank guarantee, an urgent reaction from the Government is needed, given that the current one is valid until Friday," the Information states.

The document explains that it concerns the construction of a five-star hotel in Tivat with annexes A and B, according to the condo model, with 77 accommodation units, with an estimated value of 22,77 million euros.

According to the business plan, 46 accommodation units should be offered to the market, at a minimum price of 5,29 thousand euros per square meter.

"In order to secure the investment, a bank guarantee was submitted, which was issued by Adriatic Bank at the end of August 2022 in the amount of one million euros and valid until May 1 of this year," the Information explained.

Therefore, the Ministry sent an urgent request at the beginning of April, requesting a new guarantee from the investor.