Russia's Mirax Places Sole Bid for Tourist Project in Montenegro - Media

The project, called Astra Montenegro, envisages the construction of two luxury hotels and is estimated at some 200 million euro ($281 million). No timeframe for its implementation was available.

Budva Holding municipal company manages three million square metres of land, estimated at 150 million euro which the municipal authorities plan to develop into tourism facilties under joint ventures with private companies.

Mirax said last year it would build a 25 million euro luxury hotel near two of Montenegro's most famous Adriatic resorts – Budva and Becici. It also plans to build a yacht port and rented villas along the shoreline, local Pozlovni Magazin reported at the time.

Mirax Group has announced plans to invest more than $500 million (355.9 million euro) in a chain of luxury hotels in Tunisia, Montenegro and Greece, according to Russian media.

Mirax is 90%-owned by Russian billionaire Sergei Polonsky.

($ = 0.7118 euro)