Montenegrin tourism company Vila Oliva has acquired Hotel Plaža in Herceg Novi for €20.4 million, expanding its coastal hospitality portfolio to more than 3,500 beds. The property was sold through an enforcement procedure involving Vektra Boka. Hotel Plaža had an assessed value of approximately €30.7 million, while the initial public-sale price was set at around €24 million. Creditors and debtors agreed to the lower transaction value, enabling outstanding obligations to be addressed through the sale proceeds.
Vektra Boka has approximately €12 million in liabilities to creditors, including employees, the Municipality of Herceg Novi, the local water utility, the Tax Administration and Elektroprivreda Crne Gore. Recognised employee claims and overdue employment contributions are expected to be covered from the proceeds.
Vila Oliva, controlled by businessman, plans to invest an additional €15–20 million in the renovation of Hotel Plaža. The company intends to retain the existing structure of the property rather than replace it with a new development. Full restoration is targeted for 2028. Including the acquisition and planned refurbishment, Vila Oliva’s total commitment to the property is expected to reach between €35.4 million and €40.4 million. Legal and shareholder issues involving Vektra Boka remain outstanding. Minority shareholder Danilo Matijašević has separate claims estimated at around €10 million, while allegations concerning the conduct of the sale have also been raised. The buyer expects to settle the remaining purchase amount within the stipulated 30-day period.
