Euromix Trade, the company managing the Rivijera-Crystal project in Petrovac, has reached an agreement with the Budvanska rivijera hotel group through mediation conducted by the Center for Alternative Dispute Resolution. This agreement sets the stage for completing the hotel complex, which has been stalled for years.
This information was confirmed to “Vijesti” by Euromix Trade.
- The parties have declared that they have reached an agreement on resolving their disputes and have drafted a mutual rights and obligations agreement, which will be formalized as a notarial deed – states the document signed by the legal representatives of both companies.
The process of selecting a notary to draft the agreement in the form of a notarial deed is currently underway. The case files will be submitted to the Commercial Court, where the disputes were handled, and the agreement will be confirmed.
The construction of the hotel complex has been at a standstill for years. More than a decade after the contract was signed between the two companies, the hotel remained unfinished, with a multi-story concrete structure awaiting resolution.
The unfinished hotel, located right by the sea, where guests were long expected to stay, now appears set to be completed.
The joint investment agreement between HG Budvanska rivijera and Euromix Trade was signed in late May 2011. It stipulated that out of the total 269 accommodation units in the future hotel, 48 would belong to the separate Crystal hotel and become the property of HG Budvanska rivijera.
It was not until late March 2014 that the then Ministry of Sustainable Development and Tourism issued a building permit for the reconstruction of the Rivijera Crystal hotel. The contract obliged Euromix to ensure that the facilities belonging to HG Budvanska rivijera were functionally separated in a distinct building wing adjacent to the Palas hotel and equipped to the standards of a five-star hotel.
- The agreement with HG Budvanska rivijera enables the continuation and completion of the Crystal hotel project. The Crystal project is a five-star resort in Petrovac. The hotel’s concept was developed by the hotel expert group PKF hospitality from Vienna, with Marnik architecture from Belgrade, and interior design by Elfers Innenarchitektur from Bremen. Crystal will have 267 hotel rooms, with additional facilities including various restaurants and cafes, shops, indoor and outdoor pools, meeting and conference spaces, a spa and wellness center, and a large panoramic restaurant on the top floor with a wide sea view – Euromix Trade told “Vijesti,” announcing the project’s completion in two years.
They emphasized that the future Crystal hotel will operate year-round and employ about 250 workers, mostly locals.
- The completion of the project will make Petrovac a vacation destination. It will benefit local businesses and increase property values in the area. The hotel will be branded and directly managed by one of the three globally most renowned hotel groups. They will ensure international recognition, good employment conditions, and provide professional training in many areas to the highest global standards – the company concluded.
