Espanola seeks strategic partner for luxury hotel in Herceg Novi - Another 2 million euros for completion of complex

Espanola, the investor of the namesake suite complex in Herceg Novi, plans to find a strategic partner for the completion of that luxury hotel. According to the words of Igor Labovic from Espanol, about 4 million euros have been invested to date in the facility comprising ten suites, while another 2 million euros are needed for opening the hotel. According to the project, the complex in the vicinity of medieval Espanola fortress will comprise outdoor swimming pools, gym, wellness&spa center, and a restaurant with Mediterranean and continental cuisine.

- Espanola has finished the rough construction works and we estimate that, with the participation of a partner, the hotel may be able to receive the first guests in about year and half. By investing in Espanola's project, a potential partner would automatically get an ownership share, and we will also negotiate on the sale of the majority ownership, as well as on the allotment of the entire complex. However, what is for sure is that we will keep managing Espanola and its contents - said Labovic.

Suites in Espanola mainly occupy the surface of 100 square meters, while the concept of stay in them is conceived as somewhat different than a classical summer vacation because the plan is that future guests research the Bay of Kotor, go on cruises, have their private driver and the organized cruise picnics, etc.

- What is also very important for investors is the decision made by the city administration of Herceg Novi that Espanola fortress serves a commercial purpose, that is, that the fortress be rented for the period of 50 years. A special attraction would be the construction of a ski lift from the fortress to the coast. Our complex is in the vicinity of that fortress so that we have been thinking about the model of investment in cultural contents. It is necessary to provide additional 3 million euros for these investments and the project cannot be implemented before 2014 - said Labovic.