Investor from Singapore to take over Montenegrin hotels "Sveti Stefan", "Miločer" and "Kraljičina plaža"

Singapore-based company "Aman Resorts" will be managing hotels "Sveti Stefan", "Miločer" and "Kraljičina plaža" in Montenegro for the next 30 years, for which it will annually pay 10% of the realized incomes, but not less than 2.1m EUR.

These are the main terms from the sales contract that will be signed between "Aman Resorts" and the Government of Montenegro and hotel-tourist companies "Budvanska rivijera" and "Miločer" as the owners of the hotels.

On Tuesday (October 31, 2006), Montenegrin Privatization Council agreed that the contract be signed, which was also done by the boards of directors of "Budvanska rivijera" and "Miločer" two days before, whereas the Govermnent should do that today (November 2). The official signing of the contract is expected to take place by the end of the month, while company "Aman" should take over facilities prior to January 15.

After nearly one year of negotiations, it has been agreed that the company from Singapore invests at least 40m EUR in three "precious stones" of Montenegrin tourism, including construction of hotel "Kraljičina plaža", which will be first torn down.