Montenegro’s Ulcinjska Rivijera approves launch of 30-yr concession tender
PODGORICA (Montenegro), April 28 (SeeNews) – Montenegrin hotel operator Ulcinjska Rivijera’s [MNG:ULRI] shareholders approved the launch of a tender for a concession of the group’s hotels for 30 years, the director the country’s pension insurance fund Fond PIO, Dusan Perovic, said.
The decision for the concession of Ulcinjska Rivijera’s assets was a pre-condition for the launch of the design of the detailed tender documentation, Perovic said late on Thursday, according to a video posted on the website of Montenegrin public broadcaster Radio Televizija Crne Gore (RTCG).
Fond PIO is the largest shareholder in Ulcinjska Rivijera, with a 25.3% stake. The total shareholding of the Montenegrin state stands at 88%.
Earlier this month, tourism minister Pavle Radulovic said that the Karisma Hotels Adriatic (KHA) consortium has sent a letter of interest in the concession of Ulcinjska Rivijera’s hotels.
The government plans to call a tender for the sale of Ulcinjska Rivijera in the next two months based on the interest expressed by the consortium which is expected to upgrade the Olympic and Bellevue hotels to five stars from four stars, the director of Ulcinjska Rivijera, Radomir Zec, said in April.
On Thursday, Montenegrin media reported that Czech tour operator Kovotour Plus has sent a letter to the management of Ulcinjska Rivijera, saying that the concession of the company’s hotels would mean the end of their existing cooperation.
Kovotour Plus warned that it will seek compensation through international arbitration if it incurs losses, due to the concession of the hotels of Ulcinjska Rivijera.
