Investment Corporation of Dubai buys Montenegro marina development

Regent Porto Montenegro

The Investment Corporation of Dubai has purchased a marina development in Montenegro—with a luxury hotel included—for a rumored €200 million. The Porto Montenegro deal is ICD's first investment in Montenegro and the yacht marina sector.

Peter Munk developed the resort marina as a rival to Monte Carlo and Cannes. The price was officially undisclosed, but as sources indicate, the rumored €200 million would be "good value" for the assets, which include the Regent Porto Montenegro

The mar­ina reportedly attracts some of the biggest ships in the Mediterranean and has more room available than the marinas of France and Spain. 

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

Mohammed Al Shaibani, executive director and CEO of ICD, said the deal presents an opportunity for ICD to access "a successful business with significant potential for development expansion, both in the marina and land side...It also represents a strategic fit with our expansion plans into international luxury real estate and hospitality sectors while providing exposure to a new geography."

Suggested Articles

The three stages of development in Europe’s pipeline are experiencing double-digit increases year over year and are at or near record highs.

The company promoted Randy Taormina, former area managing director of the Dream hotels in New York City.

Celebrating the hotel company’s 45th year and his 80th on the planet, the owner/operator—and philanthropist—embodies a "hospitality heart."