Adriatic Properties extended its lease on the Queen’s Beach Hotel in the Montenegrin coastal town of Budva by 12 years, as it continues its redevelop of the area. The lease now runs for a total of 42 years.
Adriatic Properties is redeveloping the Sveti Stefan Peninsula village, one of Montenegro’s main tourist destinations. The project includes the renovation of the Queen’s Beach and Sveti Stefan hotels and the Milocer Villa. The company received a €27m loan from the European Bank for Reconstruction and Development for the project.
