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.
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