Demolition of Ulcinj hotel “Lido” began yesterday. The hotel, which is located on the Long Beach, was privatized on 2006 , when it was sold for 10.8 million euro to Russian firm “Capital Estate”. By purchase agreement, the Company was required to invest 38 million euros in the hotel and bungalows to the level of five stars .
The sum of 10.8 million euro was the largest for the sale of the hotel since the privatization began in Montenegro .
Due to the lack of spatial planning documents and unresolved property issues, to investors deadline for construction was extended each year . Demolition began yesterday and is expected to build a new hotel of at least 5 stars .
“Capital Estate” immediately after purchasing the hotel began an adaptation that was soon suspended. This once exclusive hotel for years back looked like ruins . Although more than seven years is not operational, “Hotel Lido” employs about 40 workers, whom were after the expiry of the obligations , labor contracts prolonged by investor .
Total living area of the complex had about 12,000 square meters, and with the hotel and 96,000 square meters of land in a very attractive area. Hotel “Grand Lido” had 52 rooms and four suites with 112 beds, and the bungalows of this hotel had 228 rooms and four suites, with a total of 550 beds.