Russian developer to build hotel and tourist spa in Montenegro
27.04.2009
Russian developer Alt Corporation plans to build a Stella del Mare hotel and tourist complex over an area of 247,000 sq m (2.6 million sq ft) in Montenegro, a Russian business daily said on Friday.
Experts have estimated investment in the project at over EUR 300 million, RBC Daily said.
The luxurious resort in Maljevik Bay will be built jointly by Alt Development, a subsidiary of the Russian corporation, and Sonuba Montenegro LLC, according to the paper. The resort will comprise two 150-room hotels, two private villas, shopping and entertainment areas.
A spokesman for Alt Development has confirmed plans to participate in the Stella del Mare Resort project, but refused to disclose any details. Maxim Sviridenko, who heads the project, told the paper ground operations at the site would begin in August-September 2009.
The paper interviewed several market players who said they were unaware of the Stella del Mare Resort or its developers. According to them, Sonuba Montenegro and the Alt Corporation are representing the interests of large federal and Moscow investors.
Alt Corporation currently handles the development of high-rises in central Moscow and land construction projects in the Moscow Region.
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