The construction of the R Hotel in Kolašin is progressing according to the planned schedule, with an investment of nearly 500,000 EUR made by the end of May last year.
This information comes from a report on the progress of the investment approved by the government at one of its recent sessions. The first status report on the construction of the hotel was prepared by the auditing company Crowe MNE.
As a reminder, the investment is being carried out by the company Ski resort – Kolašin 1600. The hotel, designed as a 4-star condominium, will consist of 107 accommodation units with an estimated value of 6.44 million EUR. The investor intends to create 36 new jobs within the hotel. According to the business plan, 37% of the units, or 40 accommodation units, will be offered on the market at a minimum price of 3,800 EUR per m2.
Regarding the first report, in line with the audit findings, total investments in the project’s implementation for services performed during the reporting period amounted to 497,023 EUR. The report states that part of the obligations for services incurred during the tested period, amounting to 23,251 EUR, was settled after May 24, 2023.
Additionally, the report from the independent auditor indicates that part of the obligations for services incurred during the tested period, totaling 674 EUR, was not paid by the end of this report, in accordance with the agreed payment schedule with suppliers.
The report further details the preparatory and earthworks carried out during the reporting period, including site fencing, terrain leveling, electrical work such as grounding and lightning protection installations, waterproofing and insulation of basement walls, installation of sewage in the foundation slab, and distribution of installations in the pool. Reinforced concrete works, such as pouring foundations and constructing the basement and ground floor slabs of the building, were also undertaken.
Moreover, the report provides a detailed overview of investments made before inclusion on the List of Development Projects, from the construction notification on July 29, 2022, to November 24, 2023. During this period, the company invested 469,469.27 EUR.
The report clarifies that investments made before the inclusion on the list are acknowledged in the reporting to provide an overall view of the project’s total investments and should not be considered as the sum of total project investments.
The report also notes that, according to the dynamic plan integral to the business plan, the investment was divided into periods. The first part of the investment was scheduled from September 1, 2022, to March 1, 2023. As the project was included on the List of Development Projects on November 24, 2022, this period differs by almost three months from the tested period of the first semi-annual reporting to the Ministry and the Government of Montenegro.
The Ministry of Economic Development concludes that investments in the construction of the R Hotel are proceeding according to the planned dynamics of the investment.
Furthermore, the extended methodology for monitoring tourism development projects includes a report on the project’s status from July 29, 2022, to May 24, 2023. The report notes that adverse weather conditions significantly influenced the construction process. Work was suspended during the winter due to unfavorable weather conditions.
In addition, representatives of the Ministry of Economic Development visited the construction site on December 22 last year to familiarize themselves with on-site activities. The investors’ representatives pointed out that the lack of water infrastructure remains an open issue in the investment realization.
