Agreement for Purchase, Sale, and Investment in Military Property of the Naval Technical Repair Institute “Sava Kovačević” Tivat and the House of the Army Tivat – PORTO MONTENEGRO – Tivat

The Agreement for the purchase, sale, and investment in the military property of the Naval Technical Repair Institute “Sava Kovačević” – Tivat and the House of the Army – Tivat, was signed on October 28, 2006, between the Government of Montenegro and the companies “Adriatic Marinas” DOO Tivat and “PM Securities” INC (Barbados). The subject of the Agreement is the purchase of property for a total price of 3,264,168.00 euros, as well as a long-term lease of land in the coastal zone for a period of 90 years, consisting of three successive leases of 30 years each.
“Porto Montenegro” is a project for the construction of a marina with 850 berths for yachts of all sizes, a maintenance and repair center, a crew training center, a yacht club, a 5-star hotel, a gallery, a nautical museum, a private healthcare facility, sports and recreational facilities, hospitality and entertainment facilities, luxury apartments, and office spaces.

Today, this location features the luxurious hotel-tourist complex recognizable by the “Regent” hotel brand and the leading luxury yacht marina in the Mediterranean, with 460 berths – “Porto Montenegro.” In addition to the representative “Regent” hotel and the luxury marina with accompanying facilities, 7 elite tourist accommodation buildings, a unique Lido Mar pool with distinctive architecture, and the renovated old building now housing the Nautical Heritage Museum have been constructed.

Representatives of the Dubai state investment fund “Investment Corporation of Dubai” (ICD) signed the Protocol on the handover of the nautical-tourist complex and mega yacht marina “Porto Montenegro” on May 6, 2016, in Tivat.

On November 15, 2019, a Management Agreement was signed with “Kerzner International,” a leading international company engaged in the construction and management of resorts, destinations, ultra-luxurious hotels, and innovative entertainment and gaming experiences. This company is the creator of the “One&Only” and “Atlantis” resorts in Dubai, among others.

On October 30, 2020, the investor submitted a construction application for a new part of the project – “Boka Place,” a 5-star hotel with 240 accommodation units. The estimated value of the hotel is 43.67 million euros, and the investor intends to create 96 new jobs within the hotel.

Regarding this project, construction, finishing, and final finishing works on all functional units were carried out in 2023, including the 5-star hotel, blocks 1, 2, 3, and 4, residential blocks 5 and 6, and Supermarket & Gym, as well as Cinema & Data Centre. Significant finishing works on the facade and inside the buildings were completed, with interior final finishing works in buildings 1, 2, 3, and 4 in the final phase, and in blocks 5 and 6 ongoing and planned to enter the final phase in the near future. Business space works are in the final phase, and handover to future space users is expected soon. Alongside the construction of “Boka Place,” the second phase of infrastructure, named Phase 2A, began, with the main contractor starting work in late December 2022.