News / Investment

A €23.9 million loan has been approved for the Crna Gora Hotel in Montenegro to part-finance its modernisation and to help bring it up to the highest standards of international hospitality. It will be renamed Hilton Podgorica Montenegro under a franchise agreement with Hilton.

About the Hotel Crna Gora in Podgorica, Montenegro

Hotel Crna Gora was built in 1953. It was designed by architect Vujadin Popovic with the hotel in Alexandria as a model and with it began the development of contemporary hotel industry in the area. It is located in the very centre of town, between two beautiful parks. The stone terrace of monumental architecture facing the park is the landmark of the town of Podgorica.

The complete renovation of Hotel Crna Gora is planned for the next two years and after which the hotel will earn a five star rating. This demanding project will give the hotel a new, modern exterior as well as an interior, using the latest materials to restore the glamour and image that it deserves.

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.

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.

Current status of Hotel Crna Gora, Montenegro

If you consider some of the 18 reviews on Tripadvisor, the renovation of the hotel is a necessity. Most travellers complain about the old furnishment, rubber mattresses, lack of room saves, limited TV services, lack of Internet in the rooms and air-conditioning in the room.

The most positive aspect of the Hotel Crna Gora is the terrace bar with a beautiful view overlooking the park.

About the European Bank for Reconstruction and Development

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.