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BELGRADE (Serbia), December 30 (SeeNews) - Austria's Falkensteiner Michaeler Tourism Group (FMTG) has backed out from the management of Hotel Stara Planina in eastern Serbia, Belgrade-based media reported.
FMTG has terminated a 15-year management contract for the spa hotel signed back in 2012, broadcaster B92 reported on Tuesday, quoting the management of Falkensteiner's hotel in Belgrade.
Hotel Stara Planina opened in late 2011 - with the Serbian government investing over 30 million euro ($32.8 million) in its construction, with the goal of helping turn the Stara Planina ski resort into a prime tourism destination.
In 2013, FMTG signed a memorandum of understanding with the Serbian finance ministry and state-owned mountain tourism firm JP Stara Planina to invest 30 million euro in the expansion of its accommodation facilities in Stara Planina mountain. The project would see the Austrian company build six condo hotels with over 1,000 beds in total over the next six years, the finance ministry said at the time.
FMTG, active in hotel management and development, is focused on central Europe. In Serbia, it currently operates a hotel in Belgrade in which it has invested 45 million euro.