Investment of around EUR 40 million in Ritz Carlton Montenegro planned in 2020

An investment of EUR 39.62 million in the realization of the Ritz Carlton Montenegro resort, which is to be built in Herceg Novi by renowned companies Northstar and Marriott, is planned in 2020.

In the report on the investments realized in the first 11 months of 2019, in line with the decision on a long-term lease of the land in the Herceg Novi part of the Lustica peninsula, it is said that EUR 7.69 million was spent last year for the realization of this project.

After the cooperation with Marriott was made official in late July 2019, the Montrose project was given the official name of Ritz Carlton Montenegro. The investor thereby obliged to a guarantee of EUR 30 million that the project will be finished within the deadline, as well as an overall guarantee of EUR 120 million.

The location at Cape Dobrec was rented back in 2009, the first investments followed three years later, and, according to the contract, at least 80 million should be invested in the first phase, whereas the investment plan amounts to EUR 210 million.

Ritz Carlton Montenegro will be a hotel with 300 units, with a mixed operation model, with 120 hotel units and 180 apartments.

The first phase of the project, which entails the construction of a hotel, 113 apartments and 13 mansions, as well as four restaurants, is expected to be completed in the summer of 2023.

Ritz Carlton Montenegro

Northstar

Marriott

Government of Montenegro

Luštica

Cape Dobreč

Montrose project

Duško Marković

Ritz Carlton Montenegro resort

Ritz Carlton Montenegro hotel