The Government of Montenegro has stated it is doing everything possible to resolve the issue of the Sveti Stefan and Miločer hotel complex in the best interest of the state.
“In order to address the ongoing challenges related to the operation and reopening of the Sveti Stefan – Miločer hotel complex, the Government of Montenegro, fully aware of the sensitivity of this issue, is working toward finding an optimal solution,” the government said in an official statement.
They emphasized that an optimal solution involves full protection of state interests, consideration of constructive demands from the local community, and respect for the existing contract, including the rights of the foreign investor.
Following an incident in the summer of 2021, Adriatic Properties, the investor, requested state guarantees to prevent similar events from occurring again. However, these guarantees were not provided. Since then, Sveti Stefan has remained closed, and arbitration proceedings have been initiated in London.
