The long-term lease agreement for the “Kolašin 1600” mountain center in Kolašin was concluded on September 21, 2018, between the Government of Montenegro and the “Kolašin 1600” consortium, consisting of the companies “Gener 2” sh.p.k. from Albania and “Ski resort Kolašin – 1600” d.o.o. from Kolašin.

The lease period is 90 years, starting from the effective date of the Agreement, which is December 23, 2019. The lessee’s investment obligation is to build Cluster 1 of the tourist complex (the hotel on UP5 and apartments on UP3) within four years from the start of works (August 22, 2020, being the start date), with an investment amount of 12.8 million euros, distributed as follows: 1,479,240 euros in the first investment year, 3,220,710 euros in the second investment year, 2,492,000 euros in the third investment year, and 5,608,050 euros in the fourth investment year, with a minimum standard of a four-star hotel category.

The lessee has signed a franchise agreement with “Accor Hotel Group,” with the “Swissotel” brand being the name of the first hotel built within the Complex – the hotel on UP5, which opened at the end of December 2023.

Regarding the apartments on UP3 – the “Q” annex, ViK (water and sewage), electrical, and mechanical installations have been mounted, MEP (mechanical, electrical, and plumbing) installations are underway, heating connection works are in progress, and interior cladding, roofing, stonemasonry, and carpentry works on the building facade are being carried out.

For the third building within the Complex, designated as the “R” hotel, AB (reinforced concrete) works have been completed up to the first-floor slab, and roofing, facade, metalwork, and masonry works are ongoing.

According to data provided by investor representatives, 180 people are currently engaged in the project, of whom 110 are from Montenegro, and the remaining 70 are from abroad. To date, 20,676,665.20 euros have been invested in the project, according to the lessee’s data, as of December 31, 2023.