Adriatic Properties investing 100 million EUR during the next three years


Leaseholder of Sveti Stefan, Miločer and Kraljiča plaža will build a luxury complex with five stars, that will have 60 rooms and 66 apartments, interior pools, pools on balconies, spa, library, gym and cafes. Aside from hotel, Adriatic Properties will build conference and shopping center, interior parking, heliodrom, two tennis courts and a beach bar.

Construction soon

“In January we acquired technical permits for the construction of the new hotel complex and reconstruction of five Aman villas”, Markogiannis said.

The new hotel will work under condo principle, which means that 66 apartments will be privately owned, and the owners will rent them to the hotel.

“The apartments will be used as hotel rooms ten months a year, as the law says”, Markogiannis said.

The second phase of the project has started in 2012 by building SPA Center of 10 million EUR worth, that has 3 000 square meters and is the biggest on the coast. It is operational for all the guests, and it will be used after the whole second phase is finalized. During the first phase which included reconstruction of Villa Miločer and Sveti Stefan island Adriatic invested over 90 million EUR.

“The first phase is finalized. Now we are making small adjustments in the interior, but it is already profitable”, Markogiannis said.

Aman broke the ice

Aman entered Montenegrin market ten years ago and as a first international brand in Montenegro, it faced many challenges. Breaking ice with high hotel standards is not easy, according to Markogiannis.

“It was hard in the beginning, with Aman Resort on Sveti Stefan. We were the first ones who faced the problems of infrastructure, laws, insufficient permits.. Most of them were solved thanks to the good cooperation with the Government, so we continue to contribute to local economy, not only in money, but in job opportunities, that reach 450 in the season, and with almost 60.000 guests that have been in Aman Sveti Stefan so far”, Markogiannis said.

He said that most guests on Sveti Stefan are from USA and Europe, but that recently they have seen an increase in guests from Asia, mostly Arabian countries.

“We strive to make our offer as attractive as possible and attract guests from different countries that do not yet have a habit of visiting Montenegro. This season looks promising, but not as much as the last one, that was great all over Mediterranean. Political risks and issues with refugees will surely influence the number of guests, we only hope that it will not be to a large extent”, Markogiannis said.

Jaguar jump started the season

“The season on Sveti Stefan was opened a month earlier this year, because we have organized a presentation of the new model of Jaguar F Pace, and this was a very important event for us. The area was not ready in April, we had issues with the roads, organizers had issues with the transportation, but we managed successfully in the end. Organizers were pleased despite these issues and they will probably return next year. This event showed that there are clients who could make the season longer and that Aman can facilitate this”, Markogiannis said.

De Niro at the opening of Nobu restaurant on June 17th

Miločer park complex recently got upgraded with the most famous Japanese restaurant in the world, Nobu, whose ceremonial opening is scheduled for JUne 17th. They are expecting owners Nobuyuki Matsuhisa and Robert de Niro to make an appearance.

Maestral to be ready by next summer

Speaking of investments in Maestral Hotel in Pržno, that was taken over by AP last year, Markogiannis said that they are in the phase of creating an investment plan.

“We are trying hard to make the hotel operational next season. After September, we will go on with more serious work. It will be ready by next season”, Markogiannis said.

Natural beauty, history, the coas and of course, Aman. You can experience beautiful nature in the whole coast, but if you do not know you will sleep in Aman, you can not be sure how your night will end. YOu can choose other accommodation, it could be good, mediocre or bad, but Aman has standards at the highest level that will provide security for each guest.

Infrastructure. Montenegro aims to attract as many international hotel brands as it can, and we in Aman wish them a warm welcome because they will increase the quality of tourism, for which the quality infrastructure is essential. It is very difficult to develop luxury tourism without it. Tourists come and go based on your readiness to cater to their needs.

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