Karisma Hotels & Resorts consortium leases Ulcinj Riviera – Construction of new hotels planned as well

The Government of Montenegro decided on Thursday, September 21, 2017, to lease the state land and facilities owned by HTP Ulcinj Riviera to the Karisma Hotels & Resorts consortium, one of whose members is Karisma Hotels Adriatic Montenegro, in the long term.

As stated after the session, the Government adopted, at the proposal by the Council for Privatization and Capital Projects, the report on the results of the negotiations based on the international public tender for a long-term lease of the land owned by the state of Montenegro and the facilities owned by HTP Ulcinj Riviera and adopted the decision on a long-term lease of the complex in question.

– The decision approves a long-term lease of the land in the municipality of Ulcinj of 122,214 square meters, owned by the state of Montenegro and used by HTP Ulcinj Riviera, featuring the hotel complex Olympic, Bellevue (annexes Cer, Borik and Avala), a restaurant and the accompanying facilities, owned by the Ulcinj Riviera, to the Karisma Hotels & Resorts consortium, the only bidder at the tender, for a period of 30 years – the press release says.

As stated, the minimal lease for a period of 30 years is EUR 450,000 a year, and the investment program envisages investments of EUR 16.24 million and an enhancement of quality and operations in the existing facilities of the complex to the level of four international stars in the 2017-2019 period.

It is added that the construction of new facilities is planned as well so that the complex would reach the capacity of a minimum of 600 rooms with the category of four international stars by 2027, after the realization of the investment program, which is projected to the total amount of EUR 31.84 million.