Canada-based Four Seasons to build EUR 50 million hotel in Montenegro
26.03.2008
Canada-based luxury hotel chain Four Seasons plans to build EUR 50 million ($79million) hotel on the Montenegrin Adriatic coast as part of a major marina project of Canadian billionaire Peter Munk, a company official said.
Four Seasons has joined Munk's luxury marina Porto Montenegro project, Budapest's Four Seasons Gresham Palace Hotel Managing Director Julien Carralero told a news conference. A transcript of the news confrence was posted on the website of the Montenegrin government late on Tuesday.
Munk bought Montenegro's idling ship repair company Arsenal located in the Adriatic town of Tivat for some EUR 30 million in 2006 and pledged to invest a further EUR 106 million in it over five years. Tivat is some five kilometres from the major seaside resort of Kotor and 20 kilometres from another big Montenegrin resort, Budva.
Besides the Porto Montenegro marina Munk's project includes high-profile tourism facilities such as golf courses, casino, a shopping mall and a luxury hotel complex.
"That is not a scheme for investing of one hundred million or two hundred million and to walk away with three hundred," Munk told the same news conference, referring to the marina project. "This is a kind of investment that is a catalyst for ongoing commitment of new capital to this country."
A small economy like Montenegro where tourism will soon contribute 25% of the gross domestic product (GDP) should lean on top-of-the range segments like the nautical market and golf tourism market, the country's Tourism Minister Predrag Nenezic told the news conference.
Tourism Ministry expects toursim to have generated 20.7% of Montenegro's GDP in 2007. It also expects the tourism revenue of the tiny Adriatic country to rise to EUR 1.968 billion in 2017, generating 27.1% of GDP.