The ceremonial laying of the foundation stone for the luxury hotel-residential complex “Porta Rai Beachfront Hotel & Residences” on Velika Plaza, at the location of the former “Lido” hotel, will take place on June 10. This was confirmed to “Vijesti” by the international groups “Karisma Hotels & Resorts” and “Dobrov & Family Group,” who are leading this project.

Construction work commenced officially ten days ago. The “Lido” hotel was previously owned by the state company “Ulcinjska rivijera,” which sold it to “Capital estate” in 2006 for 10.8 million euros.

The international partners will invest 178 million euros directly into the project, with a total economic impact projected at 278 million euros over the next decade.

The initial phase will involve constructing a portion of the hotel facilities, residential units, and supporting infrastructure. The completion of the entire project is anticipated by 2029.

“Porta Rai” will mark the first 5-star hotel-residential complex on Velika Plaza and is expected to create 800 new jobs, primarily for local residents.

Investors have expressed their commitment to preserving the natural charm and authenticity of Velika Plaza.

“Vijesti” previously reported that this luxury hotel will adopt the condo business model. According to the Tourism Act, owners purchasing apartments must keep them available for hotel rental for 10 months each year. Prices for the apartments range from 320,000 euros to 1,400,000 euros.

“Karisma” has been operating in Ulcinj for eight years after acquiring the “Belvi” and “Olimpik” hotels on Velika Plaza, which later became part of the “Holiday Village Montenegro” and “Azul Beach Resort Montenegro” complexes, under a thirty-year lease from HTP “Ulcinjska rivijera.” Dobrov & Family Group is a private international business group with over 35 years of diverse industry experience.

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