Construction of hotels started on Stara Planina mountain - First four facilities in tourist complex on Jabucko Ravniste to be finished by end of 2011

Agreements on participation in construction and management of six hotels on Jabučko Ravnište, with total of 900 beds, were signed on Friday, July 30, on Stara Planina mountain with Spanish companies HG Hotels, Sol Melia, and investment fund Sigma Capital.

Public company Stara Planina signed the agreement with HG Hotels, which puts that Spanish company in charge of three hotels, which will be built prior to 2011 with the money provided by the Republic of Serbia, over the period of next five years. According to the other agreement, investment fund Sigma Capital will finance construction of three hotels with four stars and 450 beds, which will be run by Sol Melia. The Republic of Serbia will have a share in the profit made by the joint venture.

The plan is that, in addition to two existing ski lifts, another two four-seat ski lifts and the first gondola in Serbia be built on that mountain prior to end of 2011.

Serbian Minister of Economy Mladjan Dinkic has visited the building site of new hotels where construction works commenced a week ago and announced realization of investments worth about 60 million euros within next year and half, 30 million euros of which should be invested by foreign investors, while the other half of the money should be provided by the Republic of Serbia for investments in hotels and infrastructure. Dinkic said that four four-star hotels would be finished in the first phase, by the end of the next year.