Hotel Kolašin Resort&Spa, in which EUR 13 million will be invested, has been returned to the list of development projects in the field of tourism, after it was excluded from it in 2021.
It is a four-star condo hotel, which will have 93 accommodation units, i.e. a capacity of 380 beds. It is planned to create 45 new jobs within the hotel, and the value of the investment is EUR 13 million.
– This is a project that was already included in the List in 2019, but after the amendment of the Decision on the criteria, method and procedure for selecting persons who can acquire Montenegrin citizenship by admission for the purpose of implementing a special investment program of special importance for the economic and economic interest of Montenegro from December 2021, excluded from the List because the investor did not submit a new bank guarantee within the prescribed period – the Government announced.
Given that the investor Kolašin Resort&Spa submitted a new application in accordance with the new public call from July 4 this year, it was concluded that the formal conditions stipulated by the criteria from the decision and the public call were met and it was concluded that the project should be returned to the list.
– In the documentation that was submitted with the application, it was stated that in Kolašin, at a location near the ski track of the Ski Center Kolašin 1450, an investment in the construction of a hotel with a pre-calculation value of 13 million euros is planned, while the financing is planned from the company’s own funds and its stakeholders. In order to secure the investment, a bank guarantee in the amount of one million euros issued by Universal Capital Bank was submitted for the amount foreseen by the decision and the public invitation – it is stated in the announcement.
When it comes to anticipated revenues, they will be generated as revenues from the sale of accommodation units and from rentals.
In the business plan, it is also stated that the realization of the investment will be carried out over the longest five semesters, and that the complete works will be completed by May 9, 2025 at the latest.
Let us remind you that the Kolašin Resort&Spa company previously announced that this ski resort will be managed by the York Hotels & Resorts company under the international luxury hotel brand Westin , and the facility will be called the Westin Kolašin Resort, as it is a franchise agreement with the American company Marriott International USA, local media writes.