Source: | Wednesday, 27.06.2018.| 14:10
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Falkensteiner expanding to Montenegro – Group takes over management of Hotel Queen of Montenegro in Budva

Illustration (Photo: Dragon Images/
Since several days ago, the Falkensteiner hotel group, one of the leading tourism companies, present in six European countries with 32 four- and five-star hotels and residences, has taken over the management of Hotel Queen of Montenegro in Budva.

The 236-room hotel will open by mid-October, and it will have the so-called white label status in the summer season. Detailed redesign plans and a new positioning concept have already been prepared for the summer season. With the beginning of the 2019 summer season, the four-star hotel, located on a beach in Budva, will be rebranded and officially opened under the Falkensteiner brand.

Before the opening, the hotel's indirect owner, Balansz Zártkörű Nyíltvégű Intézményi Ingatlan Alap, carried out the first phase of the program of reconstruction, reports. After the first season in 2018, the reconstruction program will continue in cooperation with Falkensteiner, and the hotel will be redesigned and adapted to the high standards of Falkensteiner hotels. In late 2018, new information and details on Falkensteiner's plans and the progress made will be published, and the hotel will open under the Falkensteiner brand in the spring of 2019.

– To us, who are simultaneously a hotel group and a construction and development company, the arrival of Falkensteiner to Montenegro is an important step and an exciting challenge. We see great potential here for the development and the opening of a whole new market – a market of the future – said Otmar Michaeler, chief executive of the Falkensteiner Michaeler Tourism Group.

Zsolt Barna, CEO and Chairman of OTP Real Estate Investment Fund Management, a member of Hungary's biggest finance group, OTP Group, is also satisfied with the cooperation with Falkensteiner.

– To us, the key to a successful investment is a reliable and competent partner that shares our goals and ambitions. In FMTG, we've found a partner with decades of experience in the hotel business and the construction and development.

Let us remind that, since 2013, Hotel Queen of Montenegro has been owned by the property transfer company Debt Management Project 1 Montenegro, 100% owned by OTP Factoring, a member of OTP Group.
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