Investors from Azerbaijan will build a new luxury resort worth 500 million Euros in Montenegro.
It was announced by press office of the government of Montenegro following Prime Minister Milo Jukanovic’s meeting with businessmen.
The resort will cover an area of about 25 hectares and be located on the shore of the Bay of Kotor on the site of the old barracks in the town Kumbor.
The resort will combine a hotel with apartments and villas and a marina for regular and mega yachts, dock for fishing boats and fish market, 70 shops, cafes, restaurants, a tennis center, a helipad and many other facilities, according to Russian media.
The tender for the lease of the former military facility for a period of 90 years was held in Montenegro in 2012.
The State Oil Company of Azerbaijan, represented by Triangle Investments and Development Limited, won the tender. The Azerbaijani side founded Azmont Investments Ltd. to implement the project.
"Azmont undertook to invest 250 million euros in the project over eight years, according to the law. In recent weeks, it was decided to increase the amount of investment to 500 million euros in order to complete the construction of the resort within 28 months," said the representative of the investor Gafar Gurbanov.
The new resort will be part of an international resort network One & Only, aimed at the very wealthy clients. The hotel in Montenegro will be the first of this network in Europe. The owner of One & Only South African billionaire Sol Kerzner after a meeting with Jukanovic told reporters that the place is "perfect for our first European resort."
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