Investments in Portonovi Resort Reached 370 Million EUR

By , 02 Jan 2019, 00:07 AM Business
Investments in Portonovi Resort Reached 370 Million EUR Copyrights: Tourist Organization Herceg Novi

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31 December 2018 - Azmont Investments has invested 369.4 million EUR in Portonovi Resort so far, while the total amount of investments is estimated at 650 million EUR. Currently, 1900 employees are engaged in the company and on the construction site.

Data on the realization of tourist investments in Herceg Novi were submitted to Azmont investments and OHM Mamula Montenegro, which has made 2.1 million EUR on the realization of Lastavica from the planned 15 million.

It has been estimated that most of the projects on the coast are carried out following the obligations under the contracts and Investment Programmes.

In Kumbor, at the port of Portonovi Resort, work on the walls, waterproofing, shafts, earthworks, concrete brickwork and tile works are underway, as well as the works on parquet arrangement, ceramic tiles around the pool, stone paving, paving the main road, balustrade and gates. Also, procurement of furniture and equipment for outdoor space, installation of outdoor lighting, greening (irrigation, trees and grass), supply and installation of doors and windows for exhibition spaces, facade production, masonry works in the interior are already being done. There is also procurement and installation of metal and rolling shutters, mechanical, electrical and plumbing services, sewage services, supply and installation of sprinklers, production of hydrant network, installation of heating and cooling systems, ventilation and smoke extraction, installation of video surveillance and building management system.

The completion of the construction of the heating and cooling plant, the main project of the traffic and technical infrastructure and the main project of the One and Only hotel, is expected to be completed soon in Portonovi Resort.

The contract on a long-term lease of the former military barracks "Orjenski bataljon" was signed on July 10 2012, and came into force with the signing of the Protocol on handover, on February 8 2013.


From the company OHM Mamula Montenegro they informed that from the planned 15 million EUR for the adaptation of the fortress Mamula on the island of Lastavica so far, 2.1 million EUR had been spent. The conservation programme and the architecture project to the Directorate for the Protection of Monuments are being consented, and the main project is being revised. An underwater biodiversity study has been carried out, the elaboration of the Environmental Impact Assessment is in the final stage. Also, works are underway on the model room of the future hotel, and the main project of the underwater cable from the cape Arza to the island Lastavica is completed. 

The agreement on a long-term lease of the site Lastavica with Mamula fortress, posted on February 23, 2015, has been leased for 49 years, as well as the reconstruction of the Mamula fortress in a unique hotel of a museum character, with a category of 5 stars, following conservative conditions.

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