The Government of Montenegro has adopted an information report on the implementation of the hotel-apartment complex project “Tivat”, after the investor failed to submit a required new bank guarantee within the requested deadline, prompting urgent action ahead of the current guarantee’s expiry on 1 May 2026.
The project, a five-star condo hotel with 77 accommodation units and an estimated value of €22.77m, was included in the national list of tourism development projects in 2022. It is planned by a consortium of companies “ALK Montenegro” and “Sofir”, and is expected to create 82 jobs.
The investor had previously submitted a €1m bank guarantee issued by Adriatic Bank, but the Ministry requested an updated business and implementation plan along with an extended guarantee. Despite an official reminder in April, the investor did not comply.
Given the failure to deliver the new guarantee, the Government concluded that urgent measures are necessary to protect the state’s interests before the existing guarantee expires.
