Adriatic Marinas reportedly seeking buyer for €800mn Porto Montenegro

By bne IntelliNews February 5, 2016

The Montenegrin company of Canadian businessman Peter Munk - Adriatic Marinas – is in talks to sell the Porto Montenegro marina project to an Arab company for a sum ranging between €500mn and €800mn, Portalanalitika.me reported, quoting unofficial information of local daily Dan.

Porto Montenegro, a luxury yacht homeport and marina village, is located at Tivat in the picturesque Bay of Kotor. It also includes a €55mn five-star Regent hotel, which is operated by Regent Hotels and Resorts. The hotel was opened for guests in late August 2014.

According to Dan, the future buyer of the project is either UAE’s Emirates Group or the Saudi Arabia’s prince Khaled bin Sultan. Portalanalitika.me reported that the information was not officially confirmed by Adriatic Marinas.

In December last year, Adriatic Marinas announced plans to invest €35mn in the construction of a new luxury hotel in Porto Montenegro. Prior to this, Adriatic Marinas has invested an overall €164mn in Porto Montenegro. The investments went to large and important project initiatives, including the construction of 48 one-, two- and three-room apartments, the marina expansion to 460 births, as well as some maintenance and repair works.

Related Articles

Montenegro to speed up re-nationalisation of power firm EPCG

Montenegro’s government has decided to speed up the acquisition of Italian A2A's stake in the power firm EPCG, paying €68.9mn for a ... more

EU slams Montenegro’s lack of progress in fight against corruption

The European Commission slammed Montenegro for its lack of progress in fight against organised crime in its progress report released on April 17, and said that the country ... more

Bulgaria’s Borissov appeals to Western Balkan leaders to preserve peace

Boyko Borissov, prime minister of the current EU Council chair Bulgaria, called on April 10 on the leaders of the Western Balkan countries to preserve peace and ... more

Dismiss