The EBRD is providing a €23.9 million loan to Crna Gora Hotel in Montenegro to part-finance its modernisation and bring it up to the highest standards of international hospitality.
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.