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Royal Group Offers to Build $242 Million Resort in Montenegro

Feb. 12 (Bloomberg) -- Montenegro may accept this week an offer from Abu Dhabi’s Royal Group to develop a 180 million-euro ($242 million) resort on its Adriatic coast, the government said.

The group is the only bidder for the 423,700-square meter (105-acre) site between the cities of Budva and Bar, Dragan Simovic, in charge of the sale at Montenegro’s Privatization Council, said in a phone interview. The company is offering 21.2 million euros for the land and plans to complete the project in eight years, he said.

A binding contract with the Royal Group may be signed in May, pending the council’s approval, Simovic said.

To contact the reporter on this story: Misha Savic in Belgrade at msavic2@bloomberg.net

To contact the editors responsible for this story: James M. Gomez at jagomez@bloomberg.net;

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