The project will address the current scarce availability of international standard premium hotels in Podgorica, boosting the competition and raising quality and business standards in the Montenegrin hotel industry.
The redevelopment will also set new and higher standards of energy efficiency and sustainability in the sector, with the use of the best available energy efficiency technology, including low emission windows, heat recovery, fuel switch from light oil to renewable energy and energy efficient lighting.
Hotel Crna Gora was built in 1953 as the first and premier hotel in central Podgorica. With the support of the EBRD loan the hotel will be refurbished and extended, maintaining key features of the original building. Upon completion, the development will have 200 rooms and a retail gallery of 5,500 square meters.
It will be renamed Hilton Podgorica Montenegro under a franchise agreement with Hilton
"We are delighted to support this important project for Podgorica and Montenegro with long term financing. The opening of Hilton hotel will raise the standards in the Montenegrin hospitality industry, will create new jobs and raise further the appeal of the country for tourists and business people", said Marek Lorinc, Head of the EBRD office in Montenegro.
The European Bank for Reconstruction and Development (EBRD) was established in 1991 to help build market economies and democracies in countries from central Europe to central Asia. The EBRD is the largest single investor in the region and mobilizes foreign direct investment beyond its own financing. Owned by 61 countries and two intergovernmental institutions, the EBRD provides project financing for banks, industries and businesses. The Bank uses its close relationship with governments in the region to promote policies that will bolster the business environment, and only works in countries committed to democratic principles and respect for the environment. For more information, visit www.ebrd.com.
Source: EBRD news story by Ina Coretchi on 13 April 2011
