Real Estate Serbia Update

Karanovic & Partners advised Marriott International on the largest investment in Serbian tourism

Marriott International, one of the world’s most well-known luxury hotel chains, reached an agreement on cooperation with Millennium Resorts for the construction of a hotel complex in Vranjska Banja. Real Estate team led by Senior Partner Dragan Karanović and Senior Associate Ana Luković advised Marriott International in this cooperation.

By this agreement, Marriott International will franchise Millennium Resorts for the next 20 years and Millennium Resort will invest 90 million EUR in the construction of a hotel complex. So far, this is the largest project of Marriott International in the Balkans and by signing this agreement represents a significant step in the development of economic relations between the United States and Serbia.

The new hotel complex will include hotel Westin Vranjska Banja, five-star hotel Kralj Petar Prvi Autograph Collection, Sofka medical centre, as well as spa apartments and spa bungalows which will be located in the forest.

The construction of the hotel complex will take place in four phases. Construction of hotel Westin Vranjska Banja is scheduled to be completed by April or May 2023. In the next phase five-star hotel Kralj Petar Prvi Autograph Collection will be constructed and will consist of the old part of the building dating from 1888 and of the new part which will be added. The rest of the hotel complex is planned to be completed by 2026.