Abu Dhabi Capital Management to build business hotel in Montenegro’s capital
Alternative investment firm Abu Dhabi Capital Management (ADCM) announced that it has signed an agreement to invest in building a business hotel in Montenegro. The hotel will form part of the Atlas Capital Center, one of the region’s largest and most refined mixed-use development projects, located in the central business district of Podgorica, the capital city of Montenegro.
The six-story hotel is expected to be completed by the end of 2015. In addition to the hotel, the Atlas Capital Center is already home to luxurious apartments, offices, embassies and retail.
Jassim Alseddiqi, Chief Executive Officer of ADCM, said: “Abu Dhabi Capital Management has an exceptional track record of sourcing specialist investment opportunities that deliver high quality returns, and this opportunity continues this momentum. Once completed in 2015, the hotel in Atlas Capital Center will be the largest in Podgorica and will be operated by an international operator.”
Abu Dhabi Capital Management is focused on alternative investments in the GCC, UK and Eastern Europe. The firm is known for its innovative investment approach, talented investment managers, ability to source niche special situations opportunities, and a proven ability to deliver high quality returns. In 2013, ADCM, through its special purpose Spadille, acquired luxury residential London developer Northacre, the development manager of No. 1 Palace Street, currently one of the largest development projects in Prime Central London.
Atlas Capital Center is a joint venture between Capital Investment and Atlas Group. Atlas Capital Center is the largest mixed-use development in the Balkans, boasting a mix of high-end luxurious apartments, office space, hotel, retail, and underground parking.
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Tameem AlKintar / Liam Turner