"Vila Oliva" bought the "Plaža" hotel for 20,4 million euros

Hotel Plaža was sold for 20,4 million euros to the company Vila Oliva, owned by Žarko Rakčević. The value determined in the enforcement proceedings was 30,7 million euros, the RTHN portal reported.

As explained by public bailiff Jasminka Bajović, according to the Enforcement Law, the first public sale is conducted at 80 percent of the established value. The established value was around 30,7 million euros, so the starting price was 24 million.

"According to the Enforcement Law, enforcement creditors and enforcement debtors could agree on a smaller amount of claims, and they offered the amount of 20 million before the public sale. All creditors and all debtors agreed, primarily because this public sale will settle creditors, approximately 12 million, so that the enforcement debtor will no longer have claims, or debts, and approximately 8 million will remain in the account, and they will probably be able to continue their business. Everyone agreed, during this enforcement procedure we did not have a single objection or request," said Bajović.

The enforcement procedure was initiated because not all creditors were paid with the sale of the Igalo hotel almost two years ago.

"Attorney Jovan Pejović gave his consent to a direct settlement on behalf of all the workers, on the condition that the workers are paid first. And the workers are paid first. And in this enforcement procedure, there is no longer a single debt related to the workers' claims. Instead of everyone being satisfied, agreeing, putting an end to these public sales once and for all, so that the Plaza can come to life, so that the Igalo hotel can come to life, so that the city can come to life, we are encountering protests," said Bajović.

Total debts with interest and costs to creditors amount to around 12 million euros.

"The workers are claiming around 70.000. However, they subsequently submitted some other claims that were settled, that should have been settled. So, I shouldn't handle some figures individually, so as not to make a mistake. Other creditors are the Municipality, Waterworks, Electric Power Industry, workers, and Vektra Montenegro... There are around 30 or 40 creditors," said Bajović, reported by the RTHN portal.

The representative of the Vila Oliva company, Petar Rakčević, said that the purchase of the Plaža hotel is a logical continuation of the company's expansion in the field of tourism.

"We already have over 3.500 beds on the Montenegrin coast, and we think that this is a logical continuation of the expansion in the field of tourism. Hotel Plaža was recognized in Montenegro and beyond, and especially as, in my opinion, the leading hotel in the municipality of Herceg Novi. And I think that we will restore the old glory to that hotel very quickly, show ourselves as a credible investor, as a good hotel manager, and that not only Villa Oliva as the owners of Hotel Plaža, but also the entire Herceg Novi, future employees of that hotel and so on, will benefit from that," said Rakčević.

He emphasizes that this is yet another proof of the company's seriousness and presence in the municipality of Herceg Novi.

"We are a minority shareholder with a significant stake in the Igalo Institute. In the previous period, we have made a lot of contributions to ensure that the Igalo Institute continues to operate, to start producing good results, and I hope that this is just one good way in which we will present ourselves to the people of Herceg Novi as good investors," said Rakčević, adding that the deadline for paying the remaining money is 30 days.

He believes that there should be no potential disruptions.

"It seems to me, given that the debtors and all creditors and shareholders of the debtor, the largest, who make up over 90% of that joint-stock company, have agreed, and it seems to me that everyone is, in any case, satisfied with the price achieved, I think that in this particular case there will be no problems," Rakčević believes.

He expects that the hotel will be in full glory by 2028 after additional investments.

"Well, it will certainly take, according to our estimate, an additional 15 to 20 million euros. I hope, believe and expect the Plaža hotel to be in full glory in 2028. I am thinking exclusively about adapting the hotel, there is no change in any form, anything. We are recognized for having adapted all those old facilities exactly in the form they were. We have such experience in Čanj, for example, with the Biserna Obala facilities," says Rakčević.

The owner of the Elena Group, which owns 33 percent of the share capital of Vektra Boka, Danilo Matijašević, believes that Herceg Novi is getting an investor who should return the hotel to function, emphasizing that he gives preference to domestic investors.

"The hotel was sold for 20.400.000 euros. Herceg Novi has gained a significant investor who will bring the hotel into operation. He certainly already has experience, he is involved in tourism, and I think it is more appropriate for our people to buy it than foreigners. We have more trust in them," said Matijašević.

According to him, the money received from the sale will be used to settle the liabilities of "Vektra Boka", which, he says, owes around 12 million euros. Among the creditors, according to him, are the Šabović family, the Municipality of Herceg Novi, the Herceg Novi Water Supply and Sewerage Company, the Tax Administration and employees.

"The company owes some 12 million euros. That money will be distributed, and the rest will go into a bank account. All workers will be paid in full and their length of service will be linked," said Matijašević.

As a minority shareholder, Matijašević says he supports settling the debts, but remains committed to the previously filed lawsuits, which, as he stated, relate to around ten million euros.

"I will not withdraw anything. I will simply not vote for the statute any further until I reach an agreement with the majority owner," he said.

When asked if this meant a kind of blockade, Matijašević replied: "Yes, that's right. A kind of blockade."

Matijašević states that he was not satisfied with the way the company was run and announces that he will discuss his demands towards the owners after, as he says, an agreement is reached.

Speaking about management, Matijašević said that the six members of the management, according to his estimates, should receive a total of slightly less than one million euros from this procedure.

He also claimed that the company's losses from privatization exceeded 50 million euros, and that there was another lawsuit worth 29 million euros against CKB Bank, the outcome of which, he said, would only be known.

Former employee Vojin Miljanić said that the sale is good not only for the workers, but also for the municipality and the state.

"The workers will collect all their recognized claims that arose after the court verdict. So we are being paid in full, length of service and everything. This is something that is favorable for the workers. I hope that the citizens of Herceg Novi, the municipality and the state will also benefit. Vektra Boka and the former HTP Boka bring back fond memories. I hope that with the new owner and some future ones, they will restore their former glory," said Miljanić.

One of the small shareholders of Vektra Boka, Dragan Perović, claims that he was deceived about the auction date on the eve of the sale of the Plaza Hotel. He said that he was told that the sale would continue tomorrow at 10 am, which is why he left the premises where the auction was being held.

Perović claims that after he left, the sale continued, and that his shares were sold without his consent. He announced that he would report the case to the criminal police.

"I was deceived. My colleague and I were told to go home and continue tomorrow at 10 am, and in fact we were kicked out so that the sale of my shares could be carried out, which I did not give. Now we will report the case to the criminal police, because I believe this is a crime and that someone is playing with my life," said Perović, according to RTHN.

Executor Bajović said that there was no talk of selling Vektra Boka shares, but rather of an enforcement procedure to settle debts to creditors.

"And he still retained his rights as a shareholder. His shares were not annulled in this enforcement procedure, but in this enforcement procedure he retains the shares, and he will receive the rights, or rather the money, according to the enforcement decision, in which he is the enforcement creditor, based on salaries and compensation for the previous period," Bajović explained.

As announced by the new owner, the full amount will be paid before the scheduled deadline.