Cetinje, the historical capital of Montenegro, has been given the green light by the Investment Agency to move forward with the development of the Lokanda Hotel in the city center. Alongside the hotel, the project encompasses the revitalization of Artists’ Square, also known as Studentski Trg, and the construction of an underground parking facility.
As per the announcement from the municipal authorities, they have secured a favorable assessment from the Investment Agency for the public-private partnership initiative aimed at constructing or renovating the Lokanda Hotel, alongside landscaping the Artists’ Square (Studentski Trg), and erecting a two-level underground parking facility. This marks Cetinje as the pioneer among Montenegrin local administrations in executing a project utilizing the public-private partnership framework.
“The Investment Agency’s endorsement of the project underscores its alignment with both national and local objectives, its meticulous preparation in accordance with the Public-Private Partnership Law, and its adherence to the Regulation on the Justification Analysis of Public-Private Partnerships,” the statement elucidated.
Cetinje has diligently worked on preparations for this significant capital endeavor over the past two years.
“The comprehensive Justification Analysis of the public-private partnership and the draft PPP contract have been finalized. Aligned with the Strategic Development Plan and Development Program of Cetinje for 2024, the commencement of construction (or renovation) of the Lokanda Hotel, coupled with the rejuvenation of Artists’ Square and the construction of the underground parking facility, is on the agenda,” the statement elaborated.
Funds for the commencement of this project are already earmarked in Montenegro’s 2024 budget.
“Simultaneously, the tender documentation is in progress, with expectations set for the announcement of a public tender by May of this year, initiating the open tender process to select a private partner and award the public-private partnership contract,” the statement concluded.
