Investment Corporation of Dubai acquires Porto Montenegro Marina
Regent Hotels & Resorts has confirmed The Investment Corporation of Dubai, the principal investment arm of the Government of Dubai, has agreed to the purchase of Porto Montenegro Marina & Resort in May 2016.
The transaction marks ICD’s first investment in Montenegro and the yacht marina sector, both of which are expected to experience strong growth in coming years.
Regent Porto Montenegro’s new ownership with ICD marks an exciting next chapter for Porto Montenegro, as the destination’s development accelerates, further positioning it as a luxury destination and the leading yachting community.
“I was inspired by the vision of Porto Montenegro founders Peter Monk, Jacob Rothschild and Bernard Arnault to recreate Monte Carlo in Montenegro.
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“We very much look forward to working with ICD and the expert team in Porto Montenegro.
“ICD is the premier sovereign wealth fund with expertise in visionary destination developments,” said Steven Pan, chairman of Regent Hotels & Resorts.
In summer 2017 Regent Porto Montenegro will launch its Regent Pool Club Residences.
The residential development, directly adjacent to the existing hotel in the heart of Porto Montenegro, comprises 62 units of luxury hotel residences for sale.
Pan continued: “Regent introduced the mixed use hotel residential concept to Europe and Regent Porto Montenegro was the first hotel built and opened after the financial crisis.
“Its success has led to the development of phase II Regent Pool Club Residences.”
Regent Pool Club Residences will offer some of the most prestigious waterfront addresses on the Adriatic, with one-, two- and three-bedroom luxury hotel residences with unobstructed sea and mountain views.
The hotel residences will be designed by the award winning WATG architects of London and MHZ interiors of Paris following their success at the hotel.