Statis Reports 83 Million Euro Loss

By , 20 Apr 2018, 09:07 AM Business
Statis Reports 83 Million Euro Loss Photo: Vuk Lajović

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Adriatik Properties ended last year with a 6,3 million euro loss

The Adriatik Properties company, owned by Greek businessman Petros Statis, the lessee of the Montenegro tourism brand Sveti Stefan – Miločer, ended last year with a 6,3 million euro loss. This is cited in the financial report the company has delivered to the Tax Office.

The company has been accumulating losses for several years, amounting to 83,3 million euro. Adriatik Properties owns real estate valued at 42,7 million euro, a million more than in 2016. They are the long term lessee of the town-hotel Sveti Stefan, Villa Miločer as well as the Kraljičina Plaža hotel.

Contracts on the multi-decade lease of the most elite hotel complex and coast were made 11 years ago with the Budvanska Rivijera hotel group and the HTP Miločer. Montenegro Parliament approved two and a half years ago an annex to the contract which extended the lease of Sveti Stefan hotel and Villa Miločer from 30 to 42 years, as well as the Kraljičina Plaža hotel, while the land next to the latter hotel was leased for 90 years, with plans to build an apartment annex.

Statis’ company is still waiting for the construction permit from the Sustainable Development Ministry to construct the new Kraljičina Plaža and annex, a project worth over 100 million euro. The plan includes the construction of a new hotel in place of the current Kraljičina Plaža, with 60 hotel rooms on a surface area 4 times the current size, around 22,000 gross square meters. The new eight-story hotel would have an annex with 66 luxury apartments for wealthy clientele.

The investor also needs approval for the reconstruction and upgrade of five old villas in the Miločer park, whose size would be tripled. Budva District is opposed to the concreting of the Miločer park, consider that the Statis company can build within existing outlines, as the park is a monument to nature. The Budva Parliament has also issued a declaration, and the Sustainable Development Ministry has accepted the demand by the District, making them a participating party in the construction permit approval process.

Petros Statis has bought the Maestral Hotel in Pržno via his company Monte Rock, which brought the most attractive part of the Montenegro coastline and most elite hotels under his control. The company capital of Statis’ company is negative, at -43,667,323 euro. Company income was 11,795,330 euro last year, and expenses 13,35 million. The company employed 245 at the end of last year.

Translated from Vijesti Online, for the original click here.

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