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November 12, 2010

Banyan Tree Hotels & Resorts signs hotel management agreement to manage first European integrated resort on Sveti Marko Island

Banyan Tree Hotels & Resorts (Singapore) has become an official hotel operator of the Sveti Marko Island integrated resort. According to the agreement signed recently in Thailand between Mr. Ho Kwon Ping, Executive Chairman of Banyan Tree Holdings Limited, and Mr. Mikhail Slipenchuk, Head of METROPOL Group of companies, Banyan Tree Hotels & Resorts will become the Operating Manager of the boutique spa hotel, bungalows and luxury villas on Sveti Marko Island, Montenegro.

The master plan is to develop the first integrated resort in Europe on the Island, Sveti Marko being the biggest and the most beautiful private island in the Adriatic sea, in the Montenegrin municipality of Tivat. 74 luxury villas, 100 bungalows, ultramodern hotel and spa, restaurants, bars, cafе, boutiques of different prestigious brands will be developed on the Island. The total volume of investment in the project the construction phase of which will start in autumn 2010 is estimated at €300m. It is of the most ambitious projects in Montenegro that is being developed by the international team of the world leading companies such as Savills, Woods Bagot, Arup, HBA, EDSA and Banyan Tree Hotels & Resorts - a leading manager and developer of premium resorts, hotels, spas and in the world.

“Sveti Marko Island in Montenegro is truly a diamond carcanet on the neck of Europe. We take participation in the project development with the best world famous companies as a great honor” said Mr. Mikhail Slipenchuk, Head of METROPOL Group of companies.

“We are delighted to partner Metropol Group of Companies to establish the Banyan Tree brand of hospitality in this exciting integrated resort project. We recognize the positive energy and alignment of business philosophy between the two companies, and the opportunity to bring our brand of hospitality to this stunning region of the world for the first time, and that, is exciting indeed.” said Mr Ho Kwon Ping, Executive Chairman of Banyan Tree Holdings.

Sveti Marko Island project has also received a high appraisal of the state of Montenegro. Within the framework of the Second Festival of Real Estate Investments “FREI 2010” in Montenegro the Prime Minister of Montenegro, Mr. Milo Djukanovic, visited the stand of Sveti Marko Island project. METROPOL Group of Companies as a Special partner of the Second Festival of Real Estate Investments in Montenegro was awarded a diploma for cooperation and assistance in realization of the Festival. Branimir Gvozdenovic, Minister for Spatial Planning and Environment in Montenegro, presented Oleg Korol, CEO of METROPOL DEVELOPMENT Company, with a diploma at the official awards ceremony.

Reference

Sveti Marko Island project

In 2007, the Metropol Group bought Sveti Marko Island near Tivat city by auction. The Island is located is situated Boka-Kotor Bay of the Adriatic Sea. Boasting picturesque scenery, unique natural diversity and mild Mediterranean climate the Bay is registered in UNESCO’s World Heritage List.

On the territory of 34 hectares it is planned to create the first 6 star island spa resort in Europe. The total volume of investment in the project is estimated at €300m. The plan includes private villas, bungalows, hotel, restaurants, bars and cafe, boutiques of prestigious brands and spas. Under the master-plan, all of the project’s elements will be constructed according to the
highest world standards. The main development concept will be to conserve the island’s environment. Electricity will be used as a single source of energy for all transport on the island.
In Summer 2010, 108,4 thousand Russian people visited Montenegro, the summer 2009 — 95,4 thousand.

Characteristics of the project:

Site land area – 347 250 sqm
Coast line – 4 km
Footprint coefficient – 14 %
Total building area – 79 790 sqm

In February 2010, the Government of Montenegro approved the state location study of the Sveti Marko Island project. The period of validity of the decision is up to 2020. The state location study comprises the general plan.

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