Investment of over €100m in reconstruction and construction of hotels in Budva within next two years

The hotel keepers on Budva’s Riviera plan to invest more than 100 million EUR in the reconstruction and expansion of existing and construction of new hotels during this and next year. The hotels that will be reconstructed and expanded are mainly hotels that previously operated within Hotel Tourist Company “Budvanska rivijera” and that are now privatized. The reconstructions of hotels “Maestral” in Pržno, “Petrovačka rivijera”, “Montenegro” and “Mediteran” in Bečići and “4.jul” in Petrovac are presently coming to an end, while the construction of hotels “Splendid” and “Belvi” in Bečići and “AS” in Perazića Do is in progress. The new owner of "Maestral" hotel in Pržno – Slovenian company "Hit" from Nova Gorica will invest €31m in two phases in reconstruction and expansion of this exclusive facility, hoping that the investment will be returned in 10 years. Company "Montenegro stars hotels group" in Kotor have two of its hotels reconstructed and adapted - "Montenegro" in Bečići and "Blu star" in Budva, in which it invested about €13m. That company plans to invest €52m in construction of new hotel "Splendid" in Bečići, which will have 400 rooms and all necessary contents that five-star hotel has. The works on this hotel will be completed prior to the end of May 2006. In cooperation with Spanish-German company “Ibero Star”m Budva-based company "Imobilija", which is the owner of hotel "Belvi" in Bečići, has, so far, invested over €15m in reconstruction and expansion of that hotel. Montenegrin-Austrian company "Špringer plecer Montenegro" bought Bečići-based hotel "Panorama" at the beginning of this year for €2.4m and it plans to invest about €5m in reconstruction and expansion of that facility by the beginning of the next tourist season. German company "Pemi bau", which bought "Rivijera" hotel in Petrovac in 2004 for €860,000, has invested €6m in its construction and reconstruction. Russian company "Moskovskaja krasovaja grupa", which bought Petrovac-based hotel "4.jul" from "Budvanska rivijera" two years ago for €2.6m, plans to invest €3.6m in reconstruction of that facility, which is in progress. The works on this facility of high category should be completed prior to September 2007. British company "Bepler and Jackobson " bought Budva-based hotel "Avala" for €3.2m and obliged to invest €9m in its reconstruction. Banja Luka-based company "Unis turs", which bought hotel "Montenegro A" in Bečići for over €2m, intends to invest €5m in reconstruction of that hotel whose present name is "Tara". Reconstruction and expansion of hotel "As" in Perazića Dol near Petrovo is underway. The hotel was bought by Russian company "Njega turs" from Moscow for €2.5m. The works on that facility will cost €6m and they will be completed by the end of the year. After very successful tourist season, hotel-tourist company "Budvanska rivijera" decided to invest about €3m in preparation of its facilities for the next tourist season. (Tanjug)