Falkensteiner invests EUR 30 million in project at Mount Stara Planina

(Photo: Mapei)

The Finance and Economy Ministry and the Stara Planina mountain tourism development public company have signed a Memorandum of Understanding with Austria's Falkensteiner Michaeler Tourism Group AG (FMTG), which calls for another foreign direct investment in Serbia in the amount of EUR 30 million.

This money will be used to continue the construction of a tourist resort at Mount Stara Planina. The MoU signatories are Minister Mladjan Dinkic, Falkensteiner CEO Otmar Michaeler and Stara Planina Director Svetislav Popadic, the ministry said in a release.

Falkensteiner, which operates a chain of over 30 hotels in six European countries, intends to have six condotels built at Stara Planina within the next six years. These condo hotels will comprise 350 acommodation units and a total of 1,000 beds.

These facilities are planned to cover a total surface area of about 35,000 square meters, while their value is projected at EUR 30 million.

By the way, the Austrian company already manages Falkensteiner Hotel at Stara Planina built in 2010, and it also owns Falkensteiner Hotel in Belgrade in which it invested EUR 45 million.

Funding for this project will be provided by a foreign investor, whereas the REpublic of Serbia will secure land, accompanying infrastructure and all required permits through the public company Stara Planina.