From a mountain settlement in the Komovi range to a hotel brand: Over three decades of development for the Carine company

Founded in 1991, the company has grown from a family-owned trading business into a group comprising four hotels and approximately 800 accommodation units, while preserving its distinctive approach to business and its commitment to long-term development.

On Mount Komovi lies the Carine katun, a traditional mountain settlement with which the Popović family has been connected for generations. When the Carine company was founded on 8 April 1991, it was this katun that gave the new family business its name. The choice was no coincidence: it reflected the family's roots, its respect for tradition, and the belief that value should be created patiently and passed on to future generations.

More than three and a half decades later, the same name connects the different stages of the company's development – from trade and its first hospitality establishments in Podgorica to modern hotels on the Bay of Kotor and new investment projects. The business model has evolved over the years, but reliability, responsibility towards employees and partners, and a commitment to long-term investment have remained the company's foundations.

From Trade to Hospitality

The company's first steps were taken in retail. Starting with a supermarket in the Masline neighbourhood of Podgorica, by 2008 Carine had developed a network of five retail outlets across the capital. This period was significant not only in terms of business growth, but also for the trust the company built among customers, suppliers and business partners.

At the same time, Carine began expanding into hospitality. In 2000, the company became the majority shareholder of AD Južni Jadran, which included Hotel Delfin in Bijela. The hotel was renovated and reopened in 2002, marking the beginning of a chapter that would become Carine's core business in the years to come. The opening of Centar Carine in Slobode Street in Podgorica in 2005, followed by another hospitality establishment in Moskovska Street in 2008, further strengthened the company's focus on hospitality and tourism.

Tourism as the Company's Core Business

Since 2013, tourism has been the company's primary business activity. Today, the hotel group comprises Hotel Delfin and Hotel Park in Bijela, Hotel Kumbor in Kumbor, and Hotel Centar in Podgorica, with a combined capacity of approximately 800 accommodation units across high-category properties.

The hotel portfolio was developed gradually, from the renovation of Hotel Delfin in 2013 to the completion of the Hotel Kumbor annex in 2022. The company's partners have played an important role in this continued investment, with strong guest satisfaction driving demand for increased capacity.

Although each property has its own location, character and offering, they are united by a shared standard of service under the Carine Hotels brand, which also includes Carine DMC, an agency whose organised tours showcase the beauty of Montenegro to visitors from around the world. Developing its own hotel brand is particularly significant at a time when international chains are becoming increasingly present in the region. It demonstrates that a Montenegrin company can build a distinctive hospitality system, develop highly skilled teams and successfully manage properties in its home market over the long term.

Growth Measured by More Than the Number of Properties

In hospitality, buildings provide only the framework. The guest experience is created by people – employees at reception, in kitchens and restaurants, housekeeping, technical services, sales and numerous other departments. For this reason, the company does not measure development solely by the number of new properties and accommodation units, but also by the expertise retained within its teams, the employment opportunities it creates and its cooperation with local partners.

At the same time, hotels are connected to an entire chain of the local economy. Cooperation with local producers and suppliers, travel agencies, transport providers and other service providers means that the benefits of tourism investment extend to the local community, the municipality and Montenegro as a whole.

A New Investment Cycle

Today, the company is undertaking the largest investment cycle in its history. Alongside its existing hotels, new projects are being developed in Baošići, as well as in Đenovići and Kumbor, while the company is also active in construction projects in Podgorica. This expansion broadens the scope of its operations while remaining firmly rooted in the two areas in which Carine has accumulated the greatest expertise over the past decades: tourism and construction.

The new developments are planned as contemporary tourism and residential complexes designed to enhance Montenegro's coastal offering, increase high-category accommodation capacity and create new employment opportunities. At the same time, developing these projects under the company's own brand ensures that its business philosophy, service standards and approach to guests remain part of a Montenegrin-owned system.

Values That Endure Beyond a Single Business Cycle

Over more than three decades, Carine has gone through different stages of development and adapted to changing market conditions. Its journey from a single retail outlet to a hotel group did not happen overnight, but through a series of sound decisions based on fundamental business principles and guided by a long-term vision for development. Continuity has therefore become one of the company's most important values: investing gradually, completing what has been started, and building trust that lasts beyond any individual project.

“Our goal has never been simply to build properties, but to create lasting value for generations to come and contribute to the country's long-term development. New projects and investments lie ahead, but our principles remain the same: responsibility, quality, the trust of our partners, and confidence in Montenegro's potential,” Carine representatives say.

The company's story, therefore, does not end with what has already been built. Its next chapter will be defined by its ability to apply the experience accumulated since 1991 to new projects, maintain the quality of its services, and continue strengthening its name both in Montenegro and in increasingly demanding international markets. From the katun on Mount Komovi to the hotels of the Bay of Kotor, the thread connecting every stage of the company's development remains the same: creating new value with the intention that it endures.