PODGORICA (Montenegro), September 25 (SeeNews) – In Podgorica story dated September 22 "Montenegro approves concession of Ulcinjska hotels to KHA," please read in the fourth paragraph "The investor also committed to..." instead of "The KHA consortium, owned by German tourism group TUI, Mexican hotel operator Karisma Hotels International and Croatian concern Agrokor, also committed to..." (deletes reference to the ownership structure of KHA).
A corrected version follows:
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Montenegro's government said it gave the green light to a 30-year concession of the right to operate assets of hotel operator Ulcinjska Rivijera [MNG:ULRI] to Karisma Hotels Adriatic (KHA).
KHA will operate the Olympic and Bellevue hotels, as well as a land plot of 122,214 sq m, the government said in a statement late on Thursday.
The investor has pledged to invest 31.84 million euro ($38.1 million) until 2027 if it obtains a 30-year concession of the right to operate the assets. KHA has proposed to invest 16.24 million euro to lift the category of Olympic and Bellevue hotels of Ulcinjska Rivijera to four stars until 2019, the government said.
The investor also committed to having at least 600 four-star rated rooms at the two hotels in 2027 and paying an annual concession fee of at least 450,000 euro.
Pension insurance fund Fond PIO is the largest shareholder in Ulcinjska Rivijera, with a 25.3% stake. The total shareholding of the Montenegrin state stands at 88%.
($ = 0.8358 euro)