The 5-star hotel near Sveti Stefan has 126 rooms and apartments; it was planned to be built in Milochersky Park.
The investor, the Adriatic Properties company, submitted a request to the Budva City Hall for obtaining technical conditions for connecting to utility networks and paying the corresponding fee.
Authorities in case of refusal referred to the Declaration on the Protection of Milocher Park, approved two years ago. The document allows the reconstruction of existing facilities while maintaining their area. New construction is not supported.
Adriatic Properties is owned by Greek businessman Petros Statis. The company owns large assets in Montenegro. Among them - the elite hotel complex Aman Sveti Stefan with the Villa Miločer and the Kraljičina plaža hotels in Miločer and the Maestral Resort & Casino in the resort village of Przno. The company also rented several beaches on the Budva Riviera, which are considered the most beautiful on the coast.