Europe’s first One&Only resort worth EUR 500 million to be built in Montenegro

Miločer, Montenegro (16 June 2013) – Azmont Investments, a Montenegrin subsidiary of Azerbaijan’s State Oil Company (SOCAR), will invest EUR 500 million in the construction of the first One & Only resorts in Europe and a super luxurious complex in Kumbor in the Bay of Kotor, Montenegro, Azmont representative Gafar Gurbanov announced on Monday.

Government of Montenegro has concluded a long-term lease agreement of the former military site “Orjen Battalion” in Kumbor for a period of 90 years with SOCAR, who made the best bid for the construction of a luxurious resort at the 60-acre site.

According to the agreement, the Azerbaijani investor is legally obliged to invest EUR 250 million in the project over eight years, but the company has announced a decision to increase this amount to EUR 500 million in order to complete the construction of the resort within 28 months.

Kerzner International Holdings Limited, a leading international developer and operator of destination resorts, casinos, and luxury hotels, has entered into an agreement with SOCAR’s project partner Triangle Investment and Development to develop and operate a new One&Only resort in Kumbor, Montenegro.

Located at the narrowest part of the entrance to Tivat Bay, less than an hour from Dubrovnik International Airport, the 60-acre project will command an enviable position between mountain and sea and will overlook 1.2 km of Adriatic coastline.