The reopening of Aman Sveti Stefan after five years marks a significant milestone for Montenegro’s luxury tourism landscape. This iconic resort not only reinstates a key asset for the country but also arrives at a time when the Adriatic tourism market is intensifying, with shorter visitor stays and an urgent need for the government to maximize economic benefits from each tourist.
Tourism expert Petar Golubović, who leads Montenegro’s Centre for Tourism Research and Development, has emphasized the importance of this reopening, labeling it as one of the most pivotal events in the nation’s tourism sector over the last decade. The return of Aman, a globally recognized ultra-luxury brand, is expected to attract clientele who prioritize brand reputation in their travel decisions.
In 2025, Montenegro welcomed 2.73 million tourists and recorded 15.37 million overnight stays, with foreign visitors accounting for 95.8 percent of all nights spent. Coastal resorts were particularly dominant, representing 92.6 percent of total stays. While arrivals increased from 2024, overnight stays decreased, indicating shorter visits and underscoring the necessity to enhance spending per guest rather than merely increasing visitor numbers.
Aman Sveti Stefan is strategically positioned to facilitate this shift towards higher spending. The resort’s accommodation rates often exceed €1,500 per night and can escalate significantly for premium suites during peak summer months. Guests at this price point typically engage in additional expenditures on dining, wellness services, private transfers, yacht charters, cultural excursions, and personalized travel experiences, extending their economic impact beyond the hotel into surrounding areas such as Budva, Tivat, and Kotor.
The reopening follows a settlement involving the Government of Montenegro and leaseholder Adriatic Properties, resolving a dispute that had kept the resort closed since 2021 due to issues regarding beach access and operational conditions necessary for guest privacy. The agreement not only facilitates the return of operations but also extends the lease by five years while instituting a higher rental fee and entitling the state to 10 percent of annual profits.
Previously, annual rent was approximately €1.9 million; however, specifics regarding the new rental amount have not been disclosed. The profit-sharing arrangement introduces potential financial benefits contingent on how profit is defined and calculated amidst various operational costs.
For instance, with an estimated 40-60 premium accommodation units at an average rate of €1,500 per night and an occupancy rate between 50-60 percent, room revenue could reach between €11 million and €20 million annually. When factoring in additional guest expenditures on amenities and services, total revenue may rise to between €16 million and €30 million depending on operational duration and contributions from Villa Miločer.
With an operating margin projected between 25-35 percent, earnings before interest, tax, depreciation, and amortization (EBITDA) could range from €4 million to €10 million. However, net profit may be significantly lower during the initial reopening phase. Consequently, the state’s share from profits may yield several hundred thousand euros annually rather than millions. The overall fiscal advantage will stem from combined rental income, VAT revenues, tourist taxes, employment contributions, corporate taxes, and high-value guest spending outside the resort.
The government estimates that the complex supports roughly 180-300 direct jobs at full capacity. The associated supply chain spans domestic transport to food production and hospitality services. Reviving these commercial ties will be critical alongside rebuilding the workforce after years of inactivity.
Montenegro’s labor market poses challenges as luxury hotels require skilled multilingual staff including chefs and wellness specialists. Many experienced workers have migrated to neighboring countries for better opportunities. The reopening of Aman could help retain talent if stable employment conditions and competitive compensation are established.
The restoration process is divided into two parts: Villa Miločer operates year-round while Sveti Stefan functions seasonally. This strategy allows for extended activities beyond peak summer through wellness programs and special events.
Villa Miločer features only eight suites; thus its year-round operation is unlikely to significantly alter national tourism statistics but holds strategic importance by signaling demand for off-peak services like winter air connections.
Golubović envisions that Sveti Stefan can evolve into a venue for luxury cultural tourism rather than just accommodation. Exclusive events have already been hosted there; however, any future programming must be carefully managed to maintain heritage integrity while maximizing commercial potential.
This model aligns with other luxury developments along Montenegro’s coast such as One&Only Portonovi and Regent Porto Montenegro which have diversified international appeal beyond traditional summer tourism offerings.
Aman Sveti Stefan stands apart as it represents more than just lodging; its unique island setting enhances its desirability as a rare tourism asset that retains global recognition despite its recent closure.
The resolution of previous disputes has also mitigated reputational risks associated with prolonged inactivity at such a prominent site. This settlement illustrates Montenegro’s capability to address complex investment issues effectively while preserving property value and ensuring continued operations.
Moving forward requires consistent implementation of agreed-upon terms among all stakeholders including local authorities to ensure compliance with access regulations while safeguarding guest privacy—essential for maintaining Aman’s brand integrity.
The future development of Miločer Park presents additional challenges due to its controversial construction history within a sensitive coastal environment. Completing this project under the Janu brand aims to balance commercial interests with environmental considerations by eliminating residential units from plans that could dilute tourism value.
Additionally, reports suggest potential future developments in Durmitor could further enhance Montenegro’s luxury tourism circuit by linking mountainous experiences with coastal offerings—a unique proposition within this compact territory.
However, any such venture must prioritize environmental sustainability while addressing logistical challenges posed by existing infrastructure limitations in Tivat and surrounding areas that affect overall guest experience.
Ultimately, Aman’s reopening serves as a crucial touchstone for Montenegro’s luxury tourism sector by reinforcing its market position amid growing competition in neighboring regions while enhancing economic returns without necessitating increased visitor numbers.
