The European Bank for Reconstruction and Development (EBRD) said this week that it is providing finance for a EUR 74 mln project to refurbish and extend the Crna Gora hotel in Montenegro.
The European Bank for Reconstruction and Development (EBRD) said this week that it is providing finance for a EUR 74 mln project to refurbish and extend the Crna Gora hotel in Montenegro.
Crna Gora is an existing hotel of 150 rooms located in a prime central location of Podgorica, Montenegro and plans are to transform the asset into a 200-room hotel operating under the Hilton brand and including a spa centre, a congress centre, and a retail gallery of 5,500 m2.
The project, which will be built in two phases, 'will introduce an international standard hotel chain into the city that currently lacks accommodation in the institutional range of the market', EBRD said. The bank is providing a senior loan of up to EUR 24 mln.
Earlier this year, Hilton International signed an agreement with local tourist company Utip to operate the complex with a 15-year lease term. Construction work is due to start in February next year, with delivery expected for 2013.
