"Soravia" announced breaking of contract with "Budvanska rivijera"

Austrian "Soravia" has announced that it will break the contract with "Budvanska rivijera" on rental of Slovenska Plaža and construction of luxurious hotel "Hilton" within that complex.

"Soravia" announced breaking of the contract due to unsettled issue concerning the ownership of the land on which Slovenska Plaža is settled. These ownership relations have not been completely settled, as it was promised, and "Soravia Group" was unable to obtain banking guarantees.

According to the people from that Austrian company, the land, on which Slovenska Plaža is settled, has such status that nothing can either be built or invested in it.