The 2026 UN Tourism investment guide: six takeaways for hotel investors

1. The basics are settled

The guide's own conclusion is that a hotel in Montenegro can now be underwritten on conventional terms. The euro removes currency risk, tax rates are low and predictable, and several large projects are built and trading. That is a change from a decade ago, and it is the strongest argument in the document.

2. Capital has already come

Foreign investors put €4.85bn into the country in 2021–2025, about €7,800 per resident. The 4 flagship coastal projects alone account for more than €2.61bn. See FDI and the track record.

3. Prices are high, the year is short

Luxury and upper-upscale hotels charge $459 a night on average, but July and August bring about 41% of arrivals. The guide is candid that seasonality, not demand, is the problem to solve. Read hotel performance before modelling occupancy.

4. The state wants the next hotels in the north

The coast holds 86.49% of beds; the north holds under 6%. The state has budgeted €209.5M for five ski resorts there and offers state land through Tourism Development Zones. Ourski resort tracker shows how far each has got.

5. Land is mostly leased, not sold

Almost every public site in the guide is offered on a long-term lease, with partnerships reserved for projects that serve a public purpose and concessions for the sea front. Budget for that structure from the start; see lease, PPP and concessions.

6. The guide needs checking in places

It is a strong document with some errors: a budget copied between two projects, a chart that pairs a year of figures with the wrong countries, a site described under two different zonings. We list what we found on the sources page and hold back anything unconfirmed. Treat the guide, and this site, as the start of due diligence, not the end.

The guide lists 15 sites that we currently publish, from ski resorts to city plots and coastal parcels. Browse them all, or read the guide itself: Tourism Doing Business – Investing in Montenegro.