Industry News

Montenegro is on the move

Montenegro is on the move

At a glamorous event hosted at the historic gardens in the former palace of King Nicola Petrovic in Podgorica, the Minister of Sustainable Development and Tourism, Mr. Branimir Gvozdenovic, together with the US Ambassador to Montenegro, H.E. Margaret Ann Uyehara, welcomed the Vice President and Regional Director for Southern Europe of Starwood Hotels and Resorts, Mr. Robert Koren, in the announcement of the launch of two of the group’s most renowned brands.

The total investment of over €60 million will be financed by a private investor under the guidance and brokerage of Arton Capital and its senior team in the region. The brands that will enter the country are Four Points by Sheraton and the Westin hotels. Guided by its strive for economic impact, Arton Capital channeled the investor to Kolasin – an underdeveloped area in the mountainous north of Montenegro with a higher than the average rate of unemployment and poverty indicators. The projects are of strategic importance for the government and for the country, not only because of the global recognition of the Starwood international brands, but most of all because of their capacity to uplift the north part of the country, improving its economic indicators and the living conditions of the local population.

In the past year, Montenegro has managed to attract a number of sizable investments to its increasingly attractive coastline. The recent purchase of Porto Montenegro, the luxury superyacht marina and resort, by Investment Corporation Dubai (IDC) has sent a strong message to the international investors community. HE Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister of the UAE, visited the resort last week, which is an indicator that the Fund is looking to expand their portfolio in the country.


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