The EBRD is supporting the development of sustainable tourism in Montenegro with a €37 million loan to Adriatic Properties D.O.O. to help raise the attraction of the landmark Sveti Stefan area on the Adriatic as a high-end resort. This is the Bank’s first investment in the tourism sector in the country. Montenegro is becoming a worldwide tourism destination with high potential for further development, and is one of the few countries to have achieved growth in the tourism sector during the current economic downturn. Sveti Stefan is one of the main tourist destinations in Montenegro and represents one of the first public-private partnerships in the country’s tourism sector. The complex is operated by AmanResorts, one of the most renowned high-end resort managers in the world. Adriatic Properties D.O.O, the developer of the Sveti Stefan resort, is wholly-owned by the Restis group of companies.
The EBRD loan will be used to finance the re-development of the Sveti Stefan peninsula village and adjacent area along the Montenegrin Adriatic Sea coast, between the towns of Budva and Petrovac.
The project includes the renovation of the Sveti Stefan hotel and Milocer Villa, as well as the reconstruction of the existing Queen’s Beach Hotel. In addition, Adriatic Properties D.O.O. will build associated infrastructure, including apartments, restaurants and spa facilities. “Through its first investment in Montenegro’s property and tourism sector, the EBRD is supporting the country’s drive to develop low density, high-end tourism. This project will help Montenegro to build on its vast cultural and natural heritage, offering immediate visibility to the country as a quality tourism destination. It will set higher quality standards for the tourism industry in the southern and eastern Mediterranean region”, said Sylva Gansser-Potts, EBRD Director for Property and Tourism.
“We are delighted to announce that a long term procedure of hard work has come to a conclusion. The €37 million loan agreement has been finalized, by the closure of the signing ceremony. Sveti Stefan and the tourism of Montenegro in general, have one more reason to feel confident for the continuance of growth and development in the future.”, said Mr Victor Restis, who heads the Restis group of companies.
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