Uncertainty remains over Sveti Stefan’s opening this summer amid arbitration talks

Government representatives have not yet confirmed whether the Sveti Stefan city-hotel will open this summer or if they will sign an agreement with Adriatic Properties to freeze the arbitration proceedings in London for six months.

Both government and opposition officials in Budva have welcomed the announcement that after four years, Sveti Stefan could finally reopen, given its significance to Montenegro’s tourism offer, as reported by RTCG.

If it becomes official, after four years, the iconic Sveti Stefan, a symbol of Montenegrin tourism, would once again welcome visitors this summer. The condition is that the government and the lessee, Adriatic Properties, sign an agreement, which has allegedly received the green light from Greek businessman Petros Statis.

This document, which includes the government’s suggestions, has been delivered for signature to the executive authorities.

The key point is that the arbitration proceedings before the International Tribunal in London will be suspended for six months. Local authorities in Budva are unaware of the details, but both the government and the opposition are optimistic that Sveti Stefan will open this summer.

Petar Odžić, President of the Municipality Assembly, told Radio Montenegro that Sveti Stefan is the most important tourist asset, not just for Montenegrin tourism but for the entire Adriatic region.

“It would be extremely significant for the entire tourism product and Montenegro if Sveti Stefan opened this summer,” Odžić said.

He emphasized the importance of ensuring that the investor can operate smoothly while also making sure that the local population is satisfied. While still unconfirmed, Kraljičina Beach is expected to be reserved for hotel guests from 8 AM to 8 PM, after which it would be open to the public.