Construction on the luxury hotel and residential development “Porta Rai Beachfront Hotel & Residences” at Velika Plaza, replacing the former “Lido” hotel, is expected to commence by the end of the month. Should everything proceed as planned, completion is anticipated by the end of 2029.

This announcement was officially made to “Vijesti” by the company, which mentioned that the contractor selection tender is in its final stages, delayed beyond the initial timeline to ensure the selection of a quality contractor.

The “Lido” hotel was owned by the state-run company “Ulcinjska rivijera,” which has since sold it…

The five-star hotel will be constructed using a condo model. Under the Tourism Act, owners of the acquired apartments must rent them to the hotel for a duration of 10 months each year.

The company clarified that apartment prices (condominium units) vary due to multiple factors, with initial phase pricing ranging from 320,000 euros to 1,400,000 euros.

“The total investment value for the project is estimated at 170 million euros. It is projected that through taxes and other contributions, the total economic impact for Montenegro over the coming years will be approximately 278 million euros. This investment will also significantly boost the local economy by creating hundreds of new jobs and involving domestic companies in the construction efforts. The project not only aims to provide a strong economic stimulus for Montenegro and Ulcinj but also seeks to elevate the city’s position on the global tourism map, enhancing the competitive landscape of luxury hotels and residences,” the company stated, underscoring their recognition of Ulcinj as a prime destination for family tourism development in their strategic planning long ago.

The luxury project is spearheaded by Karisma Hotels & Resorts and the international firm Dobrov & Family Group. “Capital Estate,” which acquired the “Lido” hotel in 2006 from HTP “Ulcinjska rivijera,” will collaborate with Karisma to implement this investment.

As reported by “Vijesti” last July, the Ministry of Spatial Planning, Urbanism, and State Property granted approval to the Budva-based “Capital Estate” for the conceptual design of an architectural project aimed at constructing the luxury five-star hotel complex at Velika Plaza, where the “Lido” hotel once stood.

“Karisma” has been active in Ulcinj for eight years, having leased the “Belvi” and “Olimpik” hotels on Velika Plaza for a period of thirty years from HTP “Ulcinjska rivijera,” later operating under the hotel complexes “Holiday Village Montenegro” and “Azul Beach Resort Montenegro.”

The beachfront five-star hotel and residential complex will feature exclusive dining options, bars, a wellness and spa center, seven swimming pools, paddle tennis, tennis and basketball courts, mini-golf, a variety of facilities for children, and a promenade…

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