Singapore-based company "Aman resorts" has taken over the management of hotels "Sveti Stefan", "Miločer" and "Kraljičina plaža" at Montenegrin coast of the Adriatics.
The contract on long-term rental has been signed in Podgorica by the representatives of the Government, "Budvanska rivijera" and "Aman resorts". The company from Singapore promised to invest at least 40m EUR in the reconstruction of the hotel and to pay annual rental fee in amount of 1.96m EUR in the reconstruction period.
The rental fee in the first year of operation of the hotels will be 2.1m EUR. That amount will then grow bigger, because the contract implies that the Singapore company pays 10% of total income, under the condition that that amount can not be less than 2.1m EUR. It is expected that all three hotels will be put into operation in 2008.
"Sveti Stefan" and "Miločer" will be reconstructed, while the former royal residence - "Kraljičina plaža", will be torn down and a new hotel complex will be built on its site. Singapore-based company also promised to take over all 220 employees in these three hotels.