Egyptian "Orascom hotels" to have luxurious city-hotel built near Budva

Leading Egyptian hotel corporation "Orascom hotels" has bought 12 ha of land on Košljun hill above Budva, where it plans to have a hotel complex built.

Egyptians, who spent more than 20m EUR on that land, plan to have a luxurious city-hotel built, similar to the one they already have at the Red Sea and on Sinai.

The representatives of the Egyptian hotel company visited the Budva riviera two months ago, and the representatives of Municipality of Budva, persuaded of the serious intentions of the Egyptian corporation, have returned the visit.

"Orascom" has bought the land from the locals, and the position of Košljun hill is exceptionally attractive for tourism development.

The municipality is interested in becoming partner with Egyptian company, because local administration owns 2.5 ha of land on Košljun hill.

The proof that the intentions of the Egyptian corporation are serious is the fact that they bought former military base "Skoči đevojka", situated between Reževići and St. Stefan, one month ago.

On former military location on the Budva riviera, "Orascom" intends to have a luxurious hotel built. This land was bought for 40m EUR from the former owner, a Russian citizen who paid 2.3m EUR for it in 2005 but gave up construction in the meantime.