PODGORICA (Montenegro), October 7 (SeeNews) - US-based Becovic Management Group plans to invest 13 million euro ($15 million) in the overhaul of Mediteran Hotel in Ulcinj by April 2025, Montenegro's government said.
Becovic Management Group intends to invest 3 million euro in the period between April and December 2022, as well as 5 million euro each in 2023 and in the period between January 2024 and April 2025, the government said in a press release last week.
The company owned by Isa Becovic, a U.S. businessman of Montenegrin origin, signed a concession contract for the operation of the hotel in April 2005 but failed to execute its investment plans due to a delay in the adoption of planning documentation, which came into force as late as March 2018.
According to Montenegrin media reports, Becovic Management Company sent a letter of intent to regulate its relations with the Montenegrin government and commit new investments to increase the category of the hotel to four stars from current three.
The final dynamics of the investment will be known after the completion of the main project, which Becovic Management Group is obliged to submit by the end of April 2022, according to the press release.
($ = 0.865 euro)