Luxury gets new name - See how new EUR 35 milllion complex in Porto Montenegro will look like (PHOTO)

Tivat-based company Adriatic Marinas is going to start the construction of new facility, Regent Hotel Residences, in the nautical village of Porto Montenegro next week, thus pushing the project into the next phase of development when it comes to residential, hotel and business facilities. The new building will feature 94 suites furnished as hotel units, as well as a series of commercial spaces for small businesses, mainly from Montenegro.

The facility called Regent Hotel Residences will be built on the northern side of the building of luxury hotel Regent as a sort of its extension. This means that the owners of apartments in the new building will be part of so-called hotel rental pool of Regent, so these apartments will also be available for rent through the service of Regent Porto Montenegro Hotel.

Additional 80 people are expected to be hired to provide a five-star service to the owners of hotel units and hotel guests once all new hotel residential units in Porto Montenegro become operational.

This is all in line with the new innovative hotel development strategy in Montenegro, which is based on the construction of residential units that are equivalent to hotel units and owned by third persons. The fact is that both local and international financial institutions refuse to grant loans for hotel construction at the seaside due to their poor financial results, but this new approach is recognized by international investors as a new opportunity to build hotels. A result of this approach is hotel Regent - the first five-star hotel built at the Adriatic coast since the start of global financial crisis, which also contributed to the creation of many new jobs in the hotel industry.

Regent Hotel Residences will be built on a land lot of nearly 13,000 square meters. As Porto Montenegro officials told eKapija, contractor for this building will be appointed soon, and about 170 workers from Montenegro and the region will be working on it.

A total value of this investment is estimated at about EUR 35 million. The building is expected to be finished by summer 2017.

In cooperation with the world-acknowledged architectural company WATG and local designers, the architects of Porto Montenegro have designed the new building as a complex of "modern, luxury suites, each featuring a balcony with a special shape inspired by the style of the Italian riviera, all in harmony with the Montenegrin coastal architecture."

The central feature of the new facility is a yard with palms and other plants, caffe bar, three swimming pools and other amenities for the owners of hotel residential units. One of the swimming pools, the biggest one - 25 meters long, will even be heated, which will make it possible to use the whole year long. The building will be connected with the neighboring hotel Regent via a special pedestrian gangway for hotel guests.

Owners of hotel residential units in Porto Montenegro are coming from all parts of the world, from North America to Japan.

The Tivat nautical village today also comprises Regent Porto Montenegro Hotel, 200 apartments, an awarded superyacht marina with 450 berths, 53 retail stores, Knightsbridge Schools International school from London, Porto Montenegro yachting club with a 64m pool called Lido, and the Collection of Maritime Heritage that includes famous Hero submarine from 1969.

PHOTO GALLERY:

PM Hotels d.o.o. Tivat

Adriatic Marinas d.o.o. Tivat

Regent Hotel Residences Porto Montenegro

Adriatic Marinas

nautical complex Porto Montenegro

Regent Porto Montenegro Hotel

hotels in Montenegro

hotels in the Adriatic

WATG

Porto Montenegro yachting

swimming pools of Porto Montenegro