According to data from the independent auditor Crowe MNE, more than 24 million EUR has been invested in the construction of Hotel Cruiser in Budva by the end of last year. This project is being realized by companies Bemax and Master Inženjering, with the total project value nearing 60 million EUR.
Cruiser will be a 5-star hotel with 252 accommodation units operating under a mixed business model. The investor’s plan includes employing 153 workers upon project completion, with the hotel scheduled to commence operations on October 1st this year. It’s worth noting that the hotel was listed among tourism development projects in 2020.
Recently, the Government adopted information based on the fifth and sixth reports of the independent auditor regarding the factual status findings related to the implementation of the Hotel Cruiser construction project in Budva.
The fifth report covers the period from October 27, 2022, to May 27, 2023, confirming total investments in the project amounting to 4.9 million EUR excluding VAT. During this period, the investor completed excavation protection works and various construction activities including earthworks, reinforced concrete, structural work, and concrete pouring. Additionally, wall panels, beams, and concrete slabs for the ground floor, mezzanine, and six upper floors were installed, alongside procurement of materials for masonry, drywall, locksmith, ceramic, plumbing, and sewerage works.
The sixth report covers the period from May 27 to November 27, 2023, with total investments amounting to approximately 5.7 million EUR (excluding VAT). During this phase, similar construction activities were completed, including further excavation protection, structural work, and procurement of equipment for electrical, mechanical, and thermal installations.
In accordance with the extended methodology for monitoring tourism development projects adopted by the Government of Montenegro on October 7, 2021, two new procedures have been introduced alongside auditor reports: progress reports on project work status (Expert Supervision Report on Work Progress) and site inspections.
Based on the four previously submitted semi-annual reports from the independent auditor, endorsed by the Government of Montenegro, confirmed costs or investments in the project amounted to a total of 13.5 million EUR. Considering all six reports, the overall investment in the construction of Hotel Cruiser reached approximately 24.14 million EUR.
