By Andy Sambidge
Alternative investment firm Abu Dhabi Capital Management announces deal for property in capital city Podgorica
Alternative investment firm Abu Dhabi Capital Management (ADCM) has announced that it has signed an agreement to invest in the development of a business hotel in Montenegro.
The hotel will form part of the Atlas Capital Centre, one of the region's largest mixed-use development projects, located in the central business district of Podgorica, the capital city of Montenegro.
The six-storey hotel is expected to be completed by the end of 2015, ADCM said in a statement.
In addition to the hotel, the Atlas Capital Centre is already home to luxurious apartments, offices, embassies and retail.
Jassim Alseddiqi, CEO 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 Centre 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.
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.