Government: One step from agreement to reopen Sveti Stefan as global tourist destination

At today’s session, the Government of Montenegro will receive the proposed settlement conditions in the arbitration before the international court in London between Montenegro and Adriatic Properties, marking the final step toward reopening the town-hotel complex of Sveti Stefan.

This move eliminates the risk of a potential claim exceeding €100 million, while the new proposal increases revenue through lease payments to HTP Miločer and Sveti Stefan Hotels.

Additionally, the €500,000 difference in the calculated lease for Sveti Stefan Hotels will be immediately paid to the company. A significant new feature of the proposal is that the state will receive a 10% annual share of the profit.

The lease is planned to be extended for five years – the period during which the complex was inactive – and Adriatic Properties is obliged to open the hotel no later than June 2026.

It was also determined that no additional construction is permitted in the Miločer Park beyond what is allowed by the existing building permit and dimensions.