The Island of, located at the mouth of Kotor Bay and Mamula fortress, is undergoing a repurposing project operated by the established company Orascom Hotel Management Mamula Montenegro.
The company is an affiliate of Orascom Hotel Management, which is also the operator of the neighbouring Luštica Bay project. Orascom was granted a lease of the island for a period of 49 years. The repurposing of the island and the fortress according to the latest projections, will exceed EUR 15 million. The project includes the development of a museum, 23 hotel rooms with a reception and spa, four restaurants, shops, swimming pools, and a water sports club - all of which will replace the existing fortress. The preliminary model, that is, a conceptual solution is prepared by Orascom in cooperation with numerous domestic and foreign experts. A preliminary business plan projected the employment of 80-100 employees after finishing the work on the repurposing of the island. The initial plan for the project to be finished is 18 months after obtaining the necessary permits.
Company name: Orascom Hotel Management
Deal value: more than EUR 15 million
Company website: www.orascomdh.com