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HM Durmitor Zabljak
HM Durmitor
The company as HM Durmitor Zabljak (daughter company of Hotel Management
AG from Lichtenstein) acquired in June 2004 hotels Jezera and Zabljak, organic
farm with 2.500h of land, ski trail Stuoc with wire lifts, restaurant Momcilov grad
and few other properties in town centre.
HM Durmitor is management company and property developer aiming to
optimize its property portfolio with partnership arrangements and in
cooperation with IFI and Property funds. Organizational restructuring and
financial consolidation has been finalized in 2013 and HM Durmitor has
prepared strategic development investment plan with precisely defined goals.
HM Durmitor
Vision
To be recognized as synonym for synergy of quality in harmony with
Durmitor incredible natural resources and become a leader in the
region with unique touristic services combined with self produced
organic food.
Mission
In hearth of National park Durmitor, with it’s products and services
superb quality, stamp unforgettable impression to customer,
emphasizing constant care of environment as eternal value.
Tourism in Montenegro
2012 – visitors 1.440.000
Nights 9.150.000.
Average number of nights/visitor 6,4.
Average increase per year 5%.
From total visitors only 3.6% are visiting mountain centers.
25% of visitors use hotel accommodation.
No. of nights
Zabljak
National Park Durmitor is on UNESCO list of world natural heritage. Small town
Zabljak is situated in the middle of the massif of Durmitor on 1450m above the sea
and it is the highest urban place in Balkan Peninsula.
Zabljak is surrounded by 23 peaks over 2.200m above the sea level, 18 glacier lakes
and nearby the magnificent Tara canyon, the deepest canyon in Europe, very
popular throughout Europe with rafting tours at summer season. Durmitor has a
capacity to become a center of adventure tourism with fantastic preconditions for
all extreme sports and the logo of Montenegro touristic offer as a “Wild Beauty” is
real Dormitor's badge.
Touristic season on Zabljak lasts throughout the year. During the winter Durmitor is
covered with snow more than 120 days and has a longer ski season than other areas
in Balkan. There are several ski paths, ski and snow board’s schools, ski equipment
rentals, snow jet tours through Durmitor and Sinjajevina mountains.
Tourism on Zabljak
Durmitor – Montenegro leader in mountain tourism.
Distances:
Podgorica 100 km
Boka Kotorska 140 km
Beograd 430km
Dubrovnik 170km
Hotel capacities in Zabljak
Categorization No. No. of rooms No. of beds
Hotels
4* 3 52 187
3* 3 70 169
2* 4 205 459
Total 10 327 815
Camps 3* 1 108 216
Private 2* 40 144 221
TOTAL 1252
No. of tourist on Zabljak 2012
Foreign Local Total
Arrivals 16.312 8.788 25.100
Nights 30.156 25.542 55.698
Average 1,85 2,91 2,22
From total visitors, Durmitor has 1.7% and from
total nights 1.1%
From total visitors 65% are foreigners.
Hotel Jezera with 17 bungalows
Location - 400m from Zabljak town center
Gross surface – 6.480sqm + 1.190sqm
Plot surface - 30.000sqm
Accommodation capacity – 220 beds and 104 beds in bungalows
Estimated market value- €6mio
Estimated investment- €6mio (after reconstruction hotel will have 170 beds and gross
surface 7.850sqm)
Future market value for 4*hotel with wellness & spa center €15mio
Documentation and design has been provided and approved by Authorities
In cooperation with strategic partner management and staff should be provided
Investment repayment in hotel Jezera and 17 bungalows
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
Hotel revenues 1,404,000 1,579,500 1,755,000 1,755,000 1,755,000 1,755,000 1,755,000 1,755,000 1,755,000 1,755,000 1,755,000 1,755,000 1,755,000 1,755,000 1,404,000 1,579,500
Restaurant revenues 292,000 277,400 321,200 350,000 350,000 350,000 350,000 350,000 350,000 350,000 350,000 350,000 350,000 350,000 292,000 277,400
Salaries -504,000 -504,000 -504,000 -504,000 -504,000 -504,000 -504,000 -504,000 -504,000 -504,000 -504,000 -504,000 -504,000 -504,000 -504,000 -504,000
Mat. expenses -540,000 -567,000 -594,000 -735,000 -735,000 -735,000 -735,000 -735,000 -735,000 -735,000 -735,000 -735,000 -735,000 -735,000 -540,000 -567,000
Payment capacity 652,000 1,437,900 2,416,100 3,282,100 4,148,100 5,014,100 5,880,100 6,746,100 7,612,100 8,478,100 9,344,100 10,210,100 11,076,100 11,942,100 652,000 1,437,900
Investment 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000
No. of beds 250
Total capacity 25.550
Price HB € 65
Av. occupancy 30%
No. guest/year 27.000
No. guest/day 74
No. of employees 60 -€ 2,000,000
€ 0
€ 2,000,000
€ 4,000,000
€ 6,000,000
€ 8,000,000
€ 10,000,000
€ 12,000,000
1 2 3 4 5 6 7 8 9 10 11 12 13 14
Hotel revenues
Restaurant revenues
Salaries
Mat. expenses
Payment capacity
Investment
Hotel Zabljak
Location - town center
Hotel surface– 2.500sqm
Plot surface -5.000sqm
Accommodation capacity – 54 beds
Reconstruction in final phase (additionally invested €1,7mio)
Estimated market value four stars hotel– €5mio
Management and staff has been provided by HM
Investment repayment in hotel Zabljak
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
Net sales 725,000 725,000 725,000 725,000 725,000 725,000 725,000 725,000 725,000 725,000 725,000 725,000 725,000 725,000 725,000 725,000
Credit -178,426 -178,426 -178,426 -178,426 -178,426 -178,426 -178,426 -178,426 0 0 0 0 0 0 0 0
Mat. expenses -231,000 -231,000 -231,000 -231,000 -231,000 -231,000 -231,000 -231,000 -231,000 -231,000 -231,000 -231,000 -231,000 -231,000 -231,000 -231,000
Salaries -170,000 -190,000 -200,000 -200,000 -200,000 -200,000 -200,000 -200,000 -200,000 -200,000 -200,000 -200,000 -200,000 -200,000 -200,000 -200,000
Payment capacity 145,574 449,579 565,154 680,728 796,302 911,876 1,027,451 1,143,025 1,437,025 1,731,025 2,025,025 2,319,025 2,613,025 2,907,025 3,201,025 3,495,025
Investment 1,750,000 1,750,000 1,750,000 1,750,000 1,750,000 1,750,000 1,750,000 1,750,000 1,750,000 1,750,000 1,750,000 1,750,000 1,750,000 1,750,000 1,750,000 1,750,000
No. of beds 70
Total capacity 91.250
Price HB € 40
Av. occupancy 35%
No. guest/year 9.000
No. guest/day 25
No. of employees 28 € (500,000)
€ -
€ 500,000
€ 1,000,000
€ 1,500,000
€ 2,000,000
€ 2,500,000
€ 3,000,000
€ 3,500,000
$1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
Net sales
Credit
Mat. Expenses
Salaries
Payment capacity
Investment
Grand opening scheduled for June, 2013
Location – 6km from town center, 3km with new wire transportation
Land surface – 200.000sqm
Austrian company Doppelmayer design detail plan for erection of 15km
trails with complete infrastructure.
Planned investment - €10mio
Restaurant is on the top of ski trail
Availability of erection of exclusive ski resort
Management and staff has been provided by HM
Stuoc ski trail with restaurant Momcilov grad
Location - 5km from town center
Runway length 1.800m, width 100m
Estimated investment value €10mio
Airport Durmitor
Owner of 2.000ha of several land plots on Durmitor.
Possibility of erection of individual villas and apartments on exclusive
selected plots with enchanting Mountain View and natural surroundings
(HM Durmitor will obtain construction permits and licenses).
Possibility of intensive agriculture development, especially organic
production and beef, sheep and goat breeding
Estimated market value aprox . €200mio.
Target: increase asset value by two times
Land plots owned by HM Durmitor
Existing status of Farm HM Durmitor
Location 2km from the town center
150ha land plot with the fence for animal breeding
350ha of agricultural land for feed production, vegetable and grain growing
1.000 sheep
Cheese production and slaughter with cold box total surface 500sqm
Activity - animal breeding, organic production of sheep and goat cheese, beef, sheep and goat meet
Organic certificate and support of veterinary service from the state veterinary
in Zabljak
Management and labor provided by local owner
Development plan in agribusiness of HM Durmitor
Investment plan in phases that will be determined by executive development plan:
Phase 1.
Purchasing 70 milking cows (Brown Swiss), 200 pregnant heifers (Angus), 1.000 sheep and 200 goats.
Introducing HACCP in daily operation
Phase 2.
Fencing another 200ha and acquiring Angus beef potential in cooperation with Illinois State University from United States.
Improving the land status for agriculture production with modern organic production technologies
Branding products with logo: Organic made on top of Durmitor.
Phase 3.
Optimizing value chain with new added value products.
Structure, linkage and investment plans
Hotels and restaurants
Hotel Zabljak
Market value €5mio
Hotel Jezera
NPV €6mio
Planned investment €6mio
Future market value €15mio
Restaurant Momcilov grad
Market value €1,5mio
Ski
Stuoc ski center
Planned investment €10mio
Airport
Planned investment €10mio
Agribusiness
Land
2.500ha - €250mio
Farm
Processing facilities
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PPP IPA funds
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Management of HM Durmitor will coordinate this process with strategic partners, IFI, Commercial banks and EU IPA funds.
Geographic position