06 September 2018 - Montenegrin Old Royal Capital Cetinje will purchase the location "Lokanda" in Cetinje - the oldest hotel in Montenegro, from the company “Izbor”, Bar.
The company Izbor from Bar, which is controlled by Eurofond, is asking for 750,000 EUR or about 300 EUR per square meter for the 2,627 square meters of the “Lokanda” site, as reported by the local daily newspaper, Vijesti. Reporters from Vijesti also explained that the management and the owners of the Izbor Company had previously advertised their entire assets for sale, stating the meeting of the obligations as the main aim of the sale. The company has been in the majority ownership of the closed-end investment fund Eurofond for many years.
The location “Lokanda” is situated in the historic core of Cetinje, which is why all real estate owners who want to sell their properties must firstly make an offer to the state. According to the information from the Government, the purchase of this site was suggested by the Directorate for Protection of Cultural Property and the Montenegrin Ministry of Culture.
Former Mayor of Cetinje, and now Culture Minister Aleksandar Bogdanović announced the renovation of the Lokanda hotel in 2012, but none of the ideas has been implemented so far. In order renovate the hotel, experts from several fields must become involved in the renovating project, and the project must be supported by the Ministry of Culture of Montenegro. Citizens of Cetinje have been talking about the renewal of Lokanda hotel for many years, and on one occasion they even signed a petition for the renovation of the oldest Montenegrin hotel. They still hope that their “Let’s Renew Lokanda” project will bear fruit.
"Lokanda" hotel was built with the first share capital in the then Principality of Montenegro. Construction works began in 1863 and finished within the following year. Although it was a state property, the hotel was leased to Cetinje merchant Vuko Vuletić. Initially it was a ground-floor building with eight rooms and a restaurant, and in 1881 the building was upgraded, so the hotel had twenty rooms, two restaurants, a cafe, a bathroom and a famous French cuisine with the best wines. The hotel guests enjoyed playing billiards, chess and cards, organized gaming, masquerading, miss pageant etc. The guests were often famous people from the world of diplomacy and renowned artists.
