The 2017 privatization plan for the sale of state shares in the Ulcinjska Rivijera, a hospitality group operating on the south coast of Montenegro, is being implemented as announced.
The plan was to provide for the sale of about 63.5 percent of the capital of this enterprise. The Montenegrin media reported that a long-term lease of the “Olympic” and “Bellevue” hotels on the southernmost beach in Montenegro (Velika plaža), as well as the “Ada Bojana” resort, is agreed between the Croatian Management company Karisma Hotels Adriatic and the hotel group management.
Karisma Hotels & Resorts has a portfolio of hotels in Croatia, Mexico, the Dominican Republic andJamaica, with an annual income of 400 million euros. They do business with the TUI Group, the world’s largest tour operator, which will also bring them to Montenegro. Recently they presented the project Holiday Village Montenegro, which will be developed in three phases, while the first one should be completed in May 2018 and relates specifically to the reconstruction of hotels that are leased. The total investment amount projected is 31.5 million euros.
Company name: Ulcinjska Rivijera AD Ulcinj
Company size: 176 employees – Ulcinjska Rivijera
8,500 employees – Karisma Hotels&Resorts