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In Herceg Novi, the largest hotel in the region is emerging, tourist settlements and 5-star complexes are being built all over Montenegro - RETROSPECTIVE 2025, investments in the tourism field

Source: eKapija

Saturday, 21.02.2026.

14:56

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(Photo: Businessart/Idejno rješenje/Ministarstvo prostornog planiranja, urbanizma i državne imovine/Printscreen)

According to official statistics during 2025, Montenegro recorded an increase in the number of arrivals and stable income from tourism. Thus, 2.6 million tourist arrivals were achieved in 10 months, which is five percent more compared to the same period last year, and three percent more than in 2019, which is still taken as a benchmark for comparing seasons. Tourism officials, however, state that tourism cannot be measured solely by the growth of the number of arrivals and overnight stays. Equally important are the structure of guests, the length of stay, the level of consumption and the stability of broadcast markets, because precisely those indicators indicate the actual quality of tourism development. They also warn that Montenegrin tourism continues to develop without a clear strategy and a long-term vision.

From the first tourism conference organized in December by the Chamber of Commerce of Montenegro (PKCG) in cooperation with the tourism industry, it was announced that tourism, as one of the strategic branches, is entering a key phase of development which includes modern management, clear policies, a new legal framework and functional destination management. As assessed, the current development model, based predominantly on the expansion of real estate and residential (real estate) tourism, proved to be unsustainable in the long term and fundamentally threatened the competitiveness of classic, especially holiday tourism.

That Montenegro is at the crossroads when it comes to tourism development is also the opinion of prof. Dr. Rade Ratković, Dean of the Faculty of Business and Tourism from Budva.

- Either we will make a radical reform in all segments of tourism and return it to the level of sustainability, or we will become a real estate destination and tourism will not be a significant activity neither for employment, nor for profits, nor for the promotion of the country. We made the biggest mistake when we opened the country to the influx of foreign capital into real estate. Residential settlements are being built, while we need hotels, camps and tourist resorts - he said last year in an interview for eKapija.

How much the tourism sector is mixed with the real estate market is also shown by retrospect in this area. where it is very difficult to demarcate to which area an investment actually belongs. Thus, over the years, the construction of buildings marked as "tourist complex" or "tourist resort" has been dominant, where with the hotels, if there are any at all, villas or apartment buildings are emerging dominantly - often branded, intended for the market.

This development of the situation does not necessarily have to be bad, because it has brought numerous world-famous breeders to the market. However, one should be careful and seriously devote himself to the development of tourism development strategy. Otherwise, experts warn, Montenegro risks losing tourism as a strategic economic branch and permanently turning into a real estate destination.

Now we move on to the list of investments in the field of tourism and we present to you the projects that have gained the most attention from eKapija readers.

(Photo: Businessart/Idejno rješenje/Ministarstvo prostornog planiranja, urbanizma i državne imovine/Printscreen)

Tourist resort Krimovica

During the year 2025, our readers dedicated the most "clicks" to the five-star tourist resort that will be built in Krimovica. The project is being developed by the company KPM Limited, it will spread over two construction sites with a total area of over 168,000 m2 and will have a hotel complex, branded apartments, branded villas, and tourist apartments. When it comes to the capacities of the complex, 83 rooms, 29 suite apartments - 28 juniors and 1 president, and 26 apartments are designed within the hotel. The total number of accommodation units is 138, and the number of beds is 300. Within the tourist settlement, 91 furnished apartments with 262 beds have been designed. When it comes to branded villas, there will be a total of 39 and they will have 218 beds. 86 tourist apartments with 228 beds were designed on construction site 3. This means that the complex will have a total of 354 accommodation units with 1,008 beds. The complex will also have other amenities, such as a spa area, swimming pool and a la carte restaurant.

(Photo: 2ARH/Idejno rješenje/Ministarstvo prostornog planiranja, urbanizma i državne imovine/Printscreen)

Complex in Bar

The next investment is a mixed complex in Bar, where a building of more than 32,000 square meters will be built, which will have a business zone, a hotel, a shopping mall and a residential part on ten floors and in two towers. In the conceptual solution, it can be seen that the first, second and third floors are planned as business areas, while above the third floor, two towers with residential units are planned. A shopping mall, a hotel and 22 business apartments will be built within the business part. Towers A and B rise above the third floor and are intended to be the residential part of the building, where there will be 105 apartments. Behind this investment stands the company SD Real estate from Bar.

(Photo: Agencija za zaštitu životne sredine/Oliver-ING/Dokumentacija/Printscreen)

Aqua Park Kotor

The news that attracted significant attention from our readers is the construction of the Aqua Park in Kotor. As could be seen in the request for a decision on the need to prepare an Environmental Impact Assessment Report, a group of investors, natural persons, plans to build a modern complex with an aqua park and a commercial-residential facility that will cover over 20,000 square meters. The aqua park will be built in KO Gorovića in Kotor, on plots of 60,562m2, and will have all the facilities expected for this type of facility - swimming pools, slides, a slow river, a pool with waves, as well as commercial and service facilities. The conceptual design of the complex was done by Oliver-ING from Budva.

(Photo: Agencija za zaštitu životne sredine/Elaborat/Printscreen/LXXVI)

Verona Garden Resort in Tivat

Next on the list is the Verona Garden Resort in Tivat, a project to be developed by the Benaba company. A hotel and six annexes will be built on an area of almost 2.6 hectares, with a total gross construction area of nearly 38,000 square meters. The complex also includes supporting facilities such as an a la carte restaurant, three outdoor swimming pools, a tennis court, a garage, a parking lot, a children's playground, an artists' square, an event plateau and several green terraces and gardens. In the immediate vicinity of the future complex are the Verona palace and the Bizanti summer house. The area around these buildings is planned as a specialized historical ethnographic and memorial park on an area of about 45,000 m².

Last year, the investor submitted a request to the Environmental Protection Agency for a decision on the need to prepare an Environmental Impact Assessment Report, after which a decision was made that the preparation of this document was necessary. At the beginning of this year, the Benaba company first submitted a request for approval of the Elaborate, and then after a few days requested its temporary withdrawal from the procedure due to perceived irregularities and errors in the document itself.

(Photo: Agencija za zaštitu životne sredine/Elaborat/Printscreen)

Blue horizons

A request for a decision on the need to prepare an environmental impact assessment report was also submitted by the company QD Hotel and Property Investment Montenegro for the construction of a tourist complex at Blue Horizons in Tivat, in Pržno bay. The future hotel complex will be spread over five urban plots, and the construction of the main hotel and basic hotel facilities with 168 accommodation units, along with 78 units in the annexes, is planned. In addition, it will have additional facilities such as an entrance gate, a beach restaurant, a beach club, sports and tennis courts, swimming pools, and a playroom.

With this document, the implementation of this project, which was started back in 2010, has been restarted. According to earlier announcements, it is a complex in which EUR 270 million will be invested. At the end of December, the investor received the green light from the Environmental Protection Agency for the realization of this complex.

(Photo: Carine)

Carine - the largest hotel in the region

The investments of the Carine company in Herceg Novi were current during the last year as well. In an interview for eKapija, the company's general manager Vladimir Popović announced that they are building the largest hotel in Montenegro and the region in Baošići. The new resort promises more than 800 luxuriously furnished rooms, a private beach, a rich gastronomic offer, and facilities for families and business guests. With 80% of the rooms overlooking the Bay of Kotor, the hotel combines natural beauty with top-quality amenities, setting new standards in regional tourism. At the same time, the company is also developing a project in Kumbor and Đenovići, a mixed-type complex that will combine hotel facilities and residential units, including the option of a time-share model. With a total area of about 75,000 m², this project is planned in three phases and promises to enrich the tourist and lifestyle offer of this location, creating a new dimension of luxury and innovative solutions in the Montenegrin hotel industry.

(Photo: Agencija za zaštitu životne sredine/Elaborat/Printscreen)

Eco village Kolašin

We are moving to the north of Montenegro, to Kolašin, where the Glamhill company is planning to build an eco-village with hotel and hospitality facilities in the town of Blatina. The total area of the facilities in the complex will be around 29,000 square meters, and it will have various facilities such as a hotel, apartments, spa area, sports complex, etc. The hotel itself consists of two separate volumes stretching along the water channels. It will have a total of 120 rooms. The spa center will be located near the river, while the apartment complex will have 46 apartments, ie 92-144 beds.

The construction of the prestigious five-star hotel Glamhill Resort & SPA was announced in January 2023 by then Prime Minister Dritan Abazović. As he said then, it will be a very interesting concept that represents an authentic, different, and at the same time ultra-modern tourist complex.

(Photo: ASN architects/Oculus Architecture Studio/Idejno rješenje/Ministarstvo prostornog planiranja, urbanizma i državne imovine/Printscreen)

Tourist resort Paradigma

We return to the coast, to Boka, where the construction of the five-star tourist resort Paradigma, is planned in the Kotor settlement Zagora. The investor is the company Aušra from Herceg Novi, and the complex will have a hotel with rooms and apartments, as well as eight villas. Additional facilities such as a swimming pool, wellness and spa area are also planned. The project will be developed in three phases. In the first phase, the construction of five villas is planned, in the second, three more villas and building 1 with hotel rooms and a space for recreation, while in the third phase, the hotel, i.e. buildings 1 and 2, will be built.

(Photo: Karisma Hotels & Resorts i Dobrov & Family Group)

Porta Rai Ulcinj

Last year was also marked by the news of the start of the construction of the Porta Rai Beachfront Hotel & Residences complex on the Velika beach in Ulcinj. The complex will be located on the site of the former Lido Hotel. Karisma Hotels & Resorts and Dobrov & Family Group are behind this prestigious project, which are investing 170 million EUR in direct investments, while the total economic effect of the project is estimated at 278 million over the next 10 years. Already in the first phase, part of the hotel's facilities, residential units and the accompanying infrastructure will be built. The completion of the entire construction is planned for 2029. The Porta Rai complex will be the first project of its kind in Montenegro - categorized with five stars, with seven swimming pools, sports fields, spa center, restaurants, facilities for children and an exclusive shopping area.

(Photo: Agencija za zaštitu životne sredine/Studio Synthesys/Elaborat/Printscreen)

Construction of a hotel in Budva

We also got an investment from the company Montenegro Assets Management, which plans to build a 5-star hotel near the old town in Budva. The future hotel will have 18 rooms, 4 suites and 1 presidential suite, and the total surface area of the building will be around 3,000 square meters. It is the company of businessman Veselin Pejović, and the hotel will be built on the site of the only remaining house opposite the Old Town in Budva, where the famous Demižana restaurant is located. The location is located next to the promenade leading to the Old Town, and it is about 75 m from the walls of the old town of Budva. On the ground floor, there are commercial areas, a bar, a lobby and a hotel reception with accompanying rooms, and sales areas with a separate external entrance. On the first floor there are also a restaurant and a meeting room. The floors are standard with accommodation units. The hotel will have five floors.

These were the most read texts when it comes to projects in the field of tourism,

and we invite you to see which investments marked the year 2025 in the REAL ESTATE and TRADE sectors.

Porta Rai Ulcinj (projekat)

Google Maps

U blizini:

Hotel OTRANT Velika plaža Ulcinj (projekat)

260 m

Hotel Karisma Azul beach resort Ulcinj

500 m

Ribarska luka Ulcinj (projekat)

650 m

Rt Đeran Ulcinj

650 m

Šta imamo u krugu od:

Opis:

Jedan od ključnih faktora koji Porta Rai čini jedinstvenim projektom je njegova ekskluzivna lokacija. Smješten na 12,5 km dugoj Velikoj plaži, kompleks je na jednoj od najatraktivnijih primorskih destinacija, što mu daje izuzetnu investicionu vrijednost. Jedinstveni beachfront kompleks ove vrste u Crnoj Gori, izdvojiće se i po raznovrsnoj sadržajima među kojima su brojni za djecu, potom sportski sadržaji sa terenima za tenis, košarku, padel, mini golf, spa i wellness, 7 bazena, velika gastronomska ponuda sa velikim brojem tematskih restorana i barova, kao i šoping zona za sve one koji borave kao gosti ili su posjetioci. Kompleks kategorizacije 5 zvjezdica, biće pozicioniran na čak 10 hektara, sa autentičnim zasadima, baštama i zelenim površinama.

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