The government-owned company "Hotel and Tourism Company Miločer", which owns the former hotel "Kraljičina plaza" and the villa in the Miločer park complex, and the state-owned joint-stock company "Sveti Stefan hotels" which manages the city-hotel "Sveti Stefan" and the villa "Miločer", are in financial collapse, because for two whole years the tenant of the elite resort, "Adriatic properties" of Greek businessman Petros Stathis, has not paid a single cent in rent.
"Sveti Stefan Hotels" have been in an additional problem since yesterday because, as confirmed by "Vijesti", they have been blocked by the Tax Administration due to unpaid income tax on rent, which has not even been paid to them.
The company HTP "Miločer" found itself in an alarming situation because after more than a decade, it had to move out of its offices in the former business center in Pržno, because it did not have the money to pay the rent. As the company told "Vijesti", the hotel group "Budvanska rivijera" offered them an office in the Tourist Resort "Slovenska plaža", and that is where the company's archive is located.
The government was also informed that the situation in the company is extremely difficult, in the latest letter, which stated that the company is facing a blockade, that employees have not received 17 salaries. They are not even paying their credit obligations to Univerzal Bank, and they have been blocked by the Compensation Fund. Debts are increasing day by day.
The company "Adriatic Properties" has concluded a contract with HTP "Miločer" for a multi-decade lease of the former hotel "Kraljičina plaza" and land, on whose behalf it pays 87 thousand euros quarterly. This is the only income of HTP "Miločer", which has two employees, a director and a business secretary, as well as a three-member Board of Directors.
The debt of Statis' company is around 700 thousand euros.
The situation is no better in another company, "Sveti Stefan Hotels", to which Statis' company has not paid a cent for two years. As a result, there is no money in the account, and employees will not receive their May salary, as "Vijesti" was told.
It was explained that invoices were issued for four quarters, while for the remaining four they could not be forwarded, because they needed 250 thousand euros to pay VAT, and they did not have the money.
The quarterly rent for the city hotel "Sveti Stefan" and the villa "Miločer", which he was obliged to pay to "Adritic Properties", amounts to 380 thousand euros, so the debt has reached three million euros.
Statis' company has been keeping the Sveti Stefan city-hotel and the Miločer villa closed since 2021, and has suspended construction of the new Kraljičina plaža hotel since the arbitration proceedings began. Without an agreement on the functioning of Kraljičina plaža and the path between it and the spa center in Miločer Park, hotel operator Aman did not want to open the once fashionable Sveti Stefan city-hotel, allegedly because they could not guarantee guests safety and privacy.
It was the use of Queen's Beach, which had been closed to the public for decades and reserved exclusively for hotel guests and the political elite, that led to the closure of the Svec. The city-hotel was closed in 2021 after locals broke the fence on Queen's Beach, and the Public Company for Coastal Zone Management ordered its removal, freeing up the paths in Miločer Park for use.
This led to the initiation of a dispute before the International Court of Arbitration in London. The main hearing is underway.
Statis' company is seeking damages of one hundred million euros for alleged breach of contract, while the state disputes this and claims that the tenant did not honor the contractual obligations.
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The company "Adriatic Properties", and its partner companies "Aidway Investments Limited" and "Amanresorts Management" signed an agreement on partial settlement and termination of the arbitration proceedings and sent it to the Government for initialing, which did not do so because it allegedly requested guarantees, but also because it believed that there was no need to put the arbitration proceedings on hold.
This means that the attempt to reach an agreement between the two parties ahead of the upcoming summer season, and for Svetac to be open to guests after four years, has failed.
The agreement, in addition to opening hotel facilities, restaurants and preparing beaches, also stipulated that debts for rent would be settled. It was defined that "Adriatic Properties" would pay six quarterly installments to both companies, four quarters for 2023 and two installments for 2024.
The amount was reduced to the company "Sveti Stefan Hotels", in the name of the final judgment of the Commercial Court, which recognized the decision of the Arbitration Court in London" and ordered the company and the Government to pay 620 thousand euros to Statis' company for the costs of the court proceedings...
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