A new agreement involving the reopening of Sveti Stefan, partial settlement between the state and the leaseholder, and a temporary halt of the arbitration process has been signed by Adriatic Properties, the company of Greek businessman Petros Statis. Several sources confirmed to Vijesti that Statis and his partner companies signed the confidential agreement, which has been forwarded to the Montenegrin government. Notably, tennis star Novak Djoković is reportedly planning to invest in companies that have leased Sveti Stefan for the next three decades.
According to sources, the agreement outlines that, upon signature, both the state-owned companies and Statis’ firms would submit a joint request to the London tribunal to suspend the arbitration for at least six months. During this period, both parties are expected to negotiate a final settlement.
Adriatic Properties, which holds the lease for the Sveti Stefan and Miločer hotel complexes, has committed to keeping the resort open for at least eight months per year, with the exception of this year, when it will open for five months. In addition, the agreement specifies that certain parts of the resort, including Vila Miločer and the Aman Spa, must be open within 45 days of the agreement’s signing. Sveti Stefan should be operational within 105 days.
A key part of the agreement involves the usage of the Kraljičina Beach, which has been a point of contention, as locals had previously broken the gate to demand public access. The new agreement provides a temporary solution, with the beach and nearby paths reserved for guests during certain hours, while public access is allowed outside those times.
Djoković, who had previously worked to help resolve the situation, is expected to invest in the companies managing the lease of Sveti Stefan. His involvement aims to ensure the resort’s reopening and ongoing success.
The agreement also addresses financial issues for state-owned companies, as Adriatic Properties has been in arrears with its lease payments, owing over €400,000. The new agreement stipulates that Adriatic Properties will settle outstanding payments for 2023 and 2024.
Finally, the agreement also addresses a financial collapse within the companies managing the resort, with Adriatic Properties expected to pay six overdue quarterly installments. The agreement is seen as a significant step toward resolving long-standing disputes and reopening the iconic resort.
