Singaporeans, definitely, on "Sveti Stefan"

The most exclusive summer resort at Montenegrin part of the Adriatic coast will be rented. There is no dilemma any more - city-hotel Sveti Stefan will be managed by hotel-tourist company “Aman Resorts” from Singapore during the next two decades. The rented package also includes the neighboring hotel "Miločer", former summer residence of the Karađorđević dinasty and "Kraljičina plaža".

After second round of negotiations with Singaporeans, Minister of Tourism in Government of Republic of Montenegro, Predrag Nenezić, announced that the contract would most probable be signed in May 2006.

"Aman Resorts", which owns hotels all around the world, offered €1.6m for one-year rent for "Sveti Stefan" and "Miločer" and €150,000 for "Kraljičina plaža". It is agreed that foreign partner should invest large means in rehabilitation and reconstruction of the city-hotel (in amount of at least 20 million USD), which should be completed until summer 2007. Hotels "Sveti Stefan" and "Miločer" belongs to HTP "Budvanska rivijera", whereas the owner of "Kraljičina plaža" is HTP "Miločer", the company of Government of Montenegro.

The project for reconstruction has already been elaborated, but the Institute for Preservation of Cultural Monuments of Montenegro is asked for expert opinion, because the external appearance of former fishermen’s island, which was turned to the city-hotel in 1960, must not be disturbed.

New interior and new offer will bring the highest category, so that the one-night stay on the island will cost up to 800 USD.