“The man who ruled most elite part of Montenegro coast could soon begin construction of a new hotel – Queen's Beach and apartments for sale in Milocer,” report Podgorica media.

Referring to the agreement on the issuance of long-term lease of the old hotel Queen's Beach and the land company Adriatic Properties, Greek businessman Petros Stathis, state-HTP Miločer, as owner of the land, requested the issuance of a building permit.

Adriatic Properties began testing ground for the construction of new hotels and apartments on the land in Pržno in November last year.

On the site of the old hotel, it provided a new four times larger area, with about 22,000 square meters of gross built area. The new eight-story hotel is a designed apartment complex with 66 luxury apartments. The investor authorizes the reconstruction and upgrade of old villa in Milocer Park, which area will then be tripled.

Stathis’ Adriatic Properties is a long-term tenant of the city-hotel Sveti Stefan and Villa Milocer as well as Queen's Beach Hotel according to the lease agreements in 2007 with the Budva Riviera and HTP Miločer. Montenegrin Parliament has approved an annex to the contract for the extension of the lease of Sveti Stefan and Milocer from 30 to 42 years, while the lease on Queen's beach extended from 30 to 42 years, and the land where the apartments will be built is for 90 years.

Stathis bought the hotel and casino Maestral, which property is the most attractive part of the Montenegrin coast with the most elite hotels.

“In addition, the Greek businessman in Montenegro is also the owner of two media portals, as well as a Bank,” media reports said. The new hotel and apartments will be built for the marketplace of ideas by architectural office in Athens, with the proposal of the Ministry of Sustainable Development, it was declared to be the most acceptable. The new hotel will have 60 rooms and 66 suites, indoor pools and terraces, spa, gym and other attractive facilities. The hotel will work based on condo principle, which means that 66 apartments will be privately owned and the owners will be able to issue to the hotel the right to rent it out. Luxury apartments will be able to offer the market which expected revenue is more than EUR 50 million.

Adriatic Properties will, as announced, in the next three years invest more than 100 million euros in the construction of a new hotel complex at Queen's Beach and other handouts.

Source: www.b92.net/biz/vesti


Petros Stathis