Montenegro’s government has leased land and facilities belonging to HTP Ulcinjska rivijera to the Karisma Hotel & Resorts consortium. This grouping, which is the owner of Karisma Hotels Adriatic Montenegro, was the only bidder in a public tender for the properties. In winning the tender, the company has gained the right to use the 122,214 sqm of land as well as the hotel complex Olympic, Bellevue and a restaurant. The minimum annual lease for the 30-year term is €450,000, but the consortium plans to invest roughly €16.24m into the asset by 2019 in order to improve the quality of the whole complex so that it meets four-star hotel requirements. In all, Karisma Hotel & Resorts has committed to an investment of €31.84m for the 600-room facility.
