The Falkensteiner hotel group, one of the leading tourist companies, already present in six European countries with currently 32 hotels and a four and five-star residence, took over the management of the Queen of Montenegro Hotel, on June 23rd. The hotel with a total of 236 rooms will be named Queen of Montenegro until mid-October, and in the summer season will have the so-called white label status.

Extensive redesign plans and a new concept of positioning has already been prepared and will start in the winter season. At the beginning of the summer season 2019, the four star hotel located on the beach near Budva will be rebranded and officially opened under the name Falkensteiner.

Prior to the opening, the indirect hotel owner, Balansz Private Plain Open-end Institutional Real Estate Fund, has completed the first phase of the reconstruction program. After the first season in 2018, the renovation program will continue in cooperation with the Falkensteiner hotel group, and the hotel will be redesigned and adapted to the usual high standards of Falkensteiner hotels. By the end of 2018 new information and details on Falkensteiner’s plans will be published and progress will be made, and in the spring of 2019 the hotel will be opened under the brand Falkensteiner.

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Otmar Michaeler, CEO of the Falkensteiner Michaeler Tourism Group (FMTG), commented the decision to enter Falkenstein in Montenegro that Falkensteiner’s arrival to Montenegro is an important step and an exciting challenge, where they see great potential for the development and opening of a completely new market – the future market.

Zsolt Barna, Chief Executive Officer and Chairman of OTP Real Estate Investment Fund Management, a member of the largest Hungarian financial group OTP Group, is also pleased with the cooperation with Falkensteiner. He stated that the key to a successful investment is to have a reliable and competent partner who shares our goals and ambitions.

The involvement of the region is of great importance to the managers and owners. It is also necessary for long-term success. Therefore, Falkensteiner and the owner – a fund investing in real estates managed by the OTP Group – are equally pleased with the positive response and support of the Budva Municipality and the Montenegrin Ministry of Tourism.

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