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Podgorica ready for take-off — and rare hotel for sale should excite investors

Podgorica, the Balkan’s smallest capital and at the same time Montenegro’s largest
city, has seen various real estate developments over the past years. While most
international attention was focused on the beautiful coastal areas with their luxury
resort developments, the capital’s hotel market slowly but steadily developed to cater
to the growing demand of international travellers.

And now with the RAMADA Podgorica, the city’s leading upscale hotel, being put to
market by Christie + Co, investors could benefit from these advantageous market
conditions.


Montenegro — an up and coming destination

Montenegro is one of the most up-coming Mediterranean destinations. Since independence
in 2006 the entire country has made significant progress in creating a favourable business
climate and in attracting foreign investors– not only along the picturesque coast but also in
the capital city of Podgorica. Podgorica is the hub for all business activities whether
relating to political discussions, foreign affairs concerning the EU candidacy, cooperation
with international organisations or embassies, investments or financing.

Between 2003 and 2012 tourist arrivals and overnight stays in Podgorica have increased by
142 and 147 per cent respectively. Latest figures for 2013 (YTD July) show another
increase by 16 per cent compared to the previous year’s period, with continuous growth in
each month.

“Even if absolute numbers are still on a moderate level, these strong growth rates
underpin the city’s positive trend going forward,” says Lukas Hochedlinger, Managing
Director, Austria, of hotel specialist Christie + Co.

Demand is primarily driven by international business travellers, accounting for about 85
per cent of all overnight stays in the city. The strongest source markets are Serbia and
Croatia, followed by other European countries such as Italy, Slovenia and Germany. Similar
to other business destinations such as Warsaw and Frankfurt, hotels in Podgorica are
busiest in spring and autumn. One of the key drivers behind Podgorica’s success is
certainly the new airport and hence improved accessibility.

“Passenger numbers have doubled over the last ten years and with regular flights to
Belgrade, Brussels, Frankfurt, Istanbul, Paris, Rome, Moscow, Vienna and Zurich,
Podgorica can be reached from anywhere in Europe,” adds Hochedlinger.

On the contrary, there were officially only 24 hotels (2003: 8) with a total of 737 guest
rooms in operation in Podgorica in 2012. The vast majority of hotels are privately operated
3- and 4- Star hotels, not affiliated to any international brand or chain. There are only two
branded hotels in the city, the Best Western Premier Hotel Montenegro with 48 rooms and
the recently opened RAMADA Podgorica with 110 rooms and suites and currently the city’s
leading upscale hotel. Plans exist to develop a Hilton hotel within the next two years,
which would increase the international appeal of Podgorica even further.

RAMADA Podgorica — a rare hotel for sale

From a transactional perspective there has been limited activity in recent years. Only the
RAMADA Podgorica is currently being marketed for sale by specialist property adviser
Christie + Co. The freehold property was only opened in May 2012 and features 110 guest
rooms and suites, as well as the city’s largest meeting facilities for corporate and leisure
events. The hotel is operated by a reputable Swiss management company and franchised
under the Ramada brand, one of the world’s most recognised hotel brands.

Lukas Hochedlinger is confident of investor interest: “Following the recently completed
development and opening only in May 2012, significant growth in RevPAR, revenue and
owner’s return is expected in the forthcoming years.”

Christie + Co is seeking offers for the freehold in the RAMADA Podgorica.


Press Contact 
Sandra Pechac 
Marketing Manager 
Christie + Co Austria GmbH 
T: +43 (0) 1 / 890 53 57 - 0 
F +43 (0) 1 / 890 53 57 - 15 
E: presse@christie.com

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