Orascom reconfirms the development of luxury hotels in Montenegro
Egyptian ORASCOM Group through its ORASCOM Development confirmed this week it is entering into an agreement with the Government of Montenegro to acquire 90% stake in Lustica Development AD Podgorica, to develop a total area of 6.8 million square meters in Tivat, Montenegro, marking its third integrated development project in Europe and its first project on the Adriatic Sea. The estimated value of the initial investment is estimated at EUR 1,1 billion.
The project is planned to offer 2,350 residential units, 8 hotels (6 of which will be five star), a town centre, a marina on the Adriatic Sea, an 18 hole golf course, commercial facilities as well as basic infrastructure requirements. The first phase of the project includes a hotel, town centre, golf course, and the main mooring area. The first phase is expected to be operational within five years.