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BELGRADE (Serbia), September 20 (SeeNews) - U.S.-based hospitality company Marriott International has signed an agreement with Montenegrin company Northstar to open a hotel and residences complex under the Ritz-Carlton brand in Montenegro in 2024, Marriott said.
The project, including the construction of a mixed-use development including sprawling villas, manicured gardens, a yacht club and a beach cove, will be funded by UAE-based company Al Yasra, Marriott said in a statement on Thursday.
The Ritz-Carlton Residences, Montenegro is expected to offer 180 apartments and 48 villas and is scheduled to complete the first phase of construction in 2023, with the final phase scheduled for completion by 2028. Residential sales are slated to begin in 2020, Marriott said.
"The success achieved on this project, bringing the legendary Ritz-Carlton brand to Montenegro, is a result of dedicated work by all parties involved, both from our company, Marriott International, and the Government of Montenegro," Al Yasra president Mohamed Al Sager said in the statement.
Montenegro's government signed in 2009 an agreement for a 90-year concession of a 520,000 square metres of land in the area of Lustica for the construction of a hotel under the Ritz-Carlton brand with Northstar, owned by Dutch-based company Montrose. The executive director of Northstar is Mohamed Ahmed Yusuf Abdulmalek.