Montenegro, could there be a potential investor for the completion of the construction of the „As“ hotel in Perazića Dol?

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The government has announced that a potential investor has approached the Ministry of Economic Development and Tourism with the intention of taking over the investment for the completion of the construction of the „As“ hotel in Perazića Dol, and that a decision has been made to analyze the possible undertaking of the investment obligation.

According to the knowledge of Portal RTCG, it is the Hilton Group, which has expressed serious interest, but proceedings before the courts and a long-standing dispute are hindering the realization of the project. Information on activities on the valorization of tourist sites that were previously included in privatization was published on the Government’s website, which also mentions the project in Perazića Dol.

Regarding the “As” hotel, it is said that there was a meeting at which, in addition to representatives of the ministry and potential investors, the Protector of Property and Legal Interests was also present.

“At the meeting, it was proposed that the interested party be given access to all the necessary documentation for the ‘As’ project that the ministry has at its disposal, as well as that in cooperation with the Protector of Property and Legal Interests, an analysis of the possible assumption of the investment obligation from another legal entity be made, considering to the current proceedings before the competent court”, the government document reads.

Although there are no other details, Portal RTCG has learned that it is the Hilton Group, which has expressed interest in taking over the project and investing, but the delay in the court case is currently delaying the implementation.
Describing the “As” project, the government stated in the information that the company “Montena Invest” LTD was obliged to deliver an “unconditional bank guarantee” in the amount of three million euros in favor of the Council for Privatization and Capital Projects as security for the execution of the investment program. , which it did, providing security in the form of a bank guarantee in the amount of three million euros, valid until February 1, 2016. The guarantee was issued by “Sberbank” from Russia, which turned out to be uncollectible during the protest.

The Committee for Control, Evaluation and Dynamics of Investments performed an inspection of the hotel “As” and concluded that the investor “Nega-Turs Montenegro” Podgorica did not invest the anticipated amount of 7,500,000 euros, which would amount to 50 percent of the total investment.

“At that time, the Ministry of Sustainable Development approved an additional deadline for the investor, in order to eliminate irregularities from the controller’s report. As the investor did not fulfill the obligations stipulated in the contract by the specified deadline, the Government of Montenegro at the session of December 28, 2015 passed a conclusion by which it previously tasked the Ministry of Sustainable Development and Tourism to, in cooperation with the Protector of Property and Legal Interests of Montenegro, on behalf of of the Government of Montenegro, initiates the contract termination procedure. According to the above, the procedure for terminating the contract is in progress before the competent court, as well as the procedure according to the criminal report for the delivery of the guarantee”, announced the Government, local media reported.