Singapore – Luštica Development AD, a subsidiary of Orascom Development Holding AG, has announced its partnership with GHM to bring The Chedi brand to one of Europe’s most coveted escapes, Luštica Bay on the coast of Montenegro. The Chedi Luštica Bay’s central location within Luštica Bay main marina promenade affords stunning views over the marina and the Adriatic Sea.
A year after welcoming Luštica Bay’s first residents, this announcement marks yet another milestone to celebrate the increasingly popular destination. Not only is the iconic Chedi brand the first of seven hotels to be constructed in Luštica Bay, it will be the first to be constructed over an expansive area of 7 million square metres to form a new town worth 1.1 billion euros. This exciting new hospitality development on the Adriatic coast encapsulates the new identity of luxurious living with a bustling selection of exclusive lifestyle and vast residential offerings in this landmark location.
The Chedi Luštica Bay will be the largest 5-star hotel in the Boka Bay, offering 110 guestrooms, two restaurants and a bar, conference rooms and a business centre, along with an outdoor pool, spa and fitness centre which feature a indoor heated pool, gymnasium and ancillary facilities.
The Chedi continues its growth into Europe with the Luštica Bay project, making it the second Chedi-branded hotel for the group. GHM first partnered with Orascom in Andermatt, Switzerland, when ODH was constructing a luxury year-round holiday destination in the alpine village. The Chedi Luštica Bay is a new opportunity for collaboration and estimated construction costs are in the region of 25 million euros. When completed, The Chedi Luštica Bay will bring a prime hotel offering to the Montenegrin coast, perfect for those looking to pursue the many water-based activities such as kayaking, sailing, or simply relaxing on the beach.
“It is with great pride that we announce the agreement with GHM to bring The Chedi brand to Luštica Bay. This is a significant milestone in the development of our project,” said Darren Gibson, the CEO of Luštica Development, which is developing the Luštica Bay project. “The Chedi is a perfect fit for Luštica Bay, given the synergies in the brand ethos of both companies. This agreement reaffirms our commitment to the highest quality development and firmly establishes Luštica Bay at the forefront of luxury tourist destinations in the region,” he added.
Speaking from Singapore, Hans R. Jenni, director and president of GHM confirmed the deal saying, “We are delighted that The Chedi brand is entering the Montenegrin market that holds so much promise and especially to build on the strong existing relationship with Orascom. Synonymous for its luxury brand positioning, The Chedi hotels are also renowned for their connection to the history, culture and traditions of the communities within which they are located, and their respect for the local environment; attributes and values that are clearly evident in Luštica Bay.”
Chairman of Orascom Development Holding (ODH), Mr. Samih Sawiris described the agreement as “a great outcome for Luštica Bay and for Montenegro, that further confirms our strong belief in the future of high value tourism in the country. Not only will this hotel offer a luxurious experience for the future guests and visitors when it is finished, it will also provide hundreds of jobs during construction over a two-year period and high quality long term hotel operations jobs for locals.”
The Chedi Andermatt is on top of the list of the 150 best holiday hotels in Switzerland, and is considered one of Europe’s finest luxury hotels. The expansion of The Chedi to Montenegro showcases a thriving destination with exclusive and memorable offerings for tourists. Preparatory construction works on the hotel site have already commenced and its completion is expected in mid-2018.
Prices for a studio in the Marina Village start at €198,000, Townhouses from €675,000, Marina Villas from €2.1 Million and condominiums from €265,000. A total of 60 hotel condominiums are available for sale in the hotel.