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December 15 (SeeNews) - Montenegro's privatisation council said local company Northstar and Jersey-based Equest Capital Limited plan to invest 80 million euro ($94.5 million) in the construction of a hotel under the Ritz-Carlton brand in Herceg Novi municipality.
The government approved an amendment to a contract signed with Northstar and Equest Capital Limited for the lease of land in Herceg Novi, under which the companies are obliged to invest 80 million euro in the construction of the hotel in five years, the privatisation council said in the statement.
Under the terms initially agreed with Northstar and Equest Capital Limited, the investors had to invest 141 million euro in five years in the construction of an entire resort in Herceg Novi, the council said.
In 2009, the Montenegrin government said a consortium of Northstar and Equest Capital Limited was the sole bidder in a tender for the lease of 520,000 sq m plot of land located on the Lustica peninsula in the Herceg Novi municipality.
The consortium plans to invest 210 million euro in the construction of at least one four-star hotel, one five-star hotel and 50-60 villas for renting purposes, the government said back then.
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