The US Based Becovic Management Group Invests in Ulcinj
A few weeks ago we brought you news that Germany was set to become reliable Investment partners with Montenegro, and this week it’s the turn of the American’s as the US Based Becovic Management group is piling €13m into the existing Three Star Hotel Mediteran, in Ulcinj.
The group has plans to buy the existing property and the land, with the aim of renovating & modernising the Hotel to bring it up to a Four Star standard, with most of the works being completed by April 2025. Having already signed an initial contract in 2005, the plans fell through after a delay in planning paperwork, but that’s all been approved on a second approach, and work is set to begin shortly.
The Investment will be in stages, with €3m being paid out between April and December 2022, €5m in 2023 and the rest just before completion in April 2025.
Ulcinj has long been an area of planned improvement for the Montenegrin Government, who plan to make it their new ‘Tourist Hub’ and this new investment will go some way to helping the Government hit their goal. Deputy Prime Minister, Dritan Abazovic, who was at the contract signing, and at the press conference afterwards commented that ‘We want Investments from the West and the USA. We have huge ambitions for Ulcinj and Montenegro. We want to change Ulcinj as well as the whole of Montenegro, and today is a great message for the community of Investors who want to come to Montenegro, especially to Ulcinj’.
Situated only 100m from the beach and ‘downtown’ the existing Hotel features a restaurant, banquet and wedding hall, conference room, bar and swimming pool, plus comfortable rooms with either a city view or a sea view. The staff speak multiple languages and it’s centrally located with everything you’ll need close by.
The full details of the renovation/investment haven’t been released yet, but it’s exciting times ahead for the Hotel & for the area in general.
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