November 11, 2019 - Budvanska Rivijera Hotel Group generated revenue of €4,88 million at the end of September this year, the report on the operating performance of the company shows.
Limited liability company, which encompasses Palas and Castellastva hotels in Petrovac, Aleksandar and Mogren in Budva, as well as tourist settlement Slovenska plaža, made great results during the main season despite a portfolio of investments in internal restructuring.
Operating income amounted to €20,05 million in the first nine months. Around €18,44 million were used for the sale of capacities and services in five hotels.
In the same period, expenses amounted to €15,33 million. Around €5,69 million were related to employees’ salaries, €3,76 million went for the material, amortization required €1,83 million and more than €4 million related to other operational expenses.
Since other business activities brought another €174.165, Budvanska Riviera finished the third quarter with the final €4,88 million.
The company’s total assets amounted to €140,78 million in this period.
The company earmarked €1,65 million for the short-term financial arrangements – €12,54 million for the cash and €1,41 million for stocks.
The current initial capital is worth €55,04 million and is divided into more than 8 million shares.
Deferred tax liabilities amount to €7,96 million whereas retained earnings reached €9,76 million.
On 25 June, the majority shareholders of Budvanska Riviera HG gave green light to restructuring project. A new limited liability company was established – Sveti Stefan hotels, encompassing Sveti Stefan and Miločer hotels.
Text by CDM on November 11, 2019, read more here.
To read more about business in Croatia, follow TCN's dedicated page.
28 October 2019 - A consortium of the German WPD AG company and Vjetroelektrana from Budva is the only bidder for the construction of Brajići wind farm, offering 100 million EUR.
As Cafe del Montenegro reported, five companies have purchased tender documentation in the public tender invited for the lease state-owned land. Only one bid was submitted within the established deadline.
The bid encompasses the construction of a wind warm with a capacity of 100,8 MW, a 100 million EUR investment. The lease of the land will be 2,50 EUR per square meter for a total of 220.770 square meters of land.
WPD AG, a renowned German company, is experienced in the implementation of similar projects in many world countries, with a 4.400 MW portfolio of installed capacity.
The bid also envisages the participation of national companies for 21,6 million EUR, which will further enhance the multiple effects of the project.
Research and measurements of wind potential in Brajići were carried on the grounds of licenses issued by the competent Ministry, between May 2013 and May 2015 and between November 2016 and November 2017.
German WPD expressed its interest in the construction of the Brajići wind farm at the beginning of this year. Andreas Scholl, WPD Director for Europe, met in February with Montenegro’s Prime Minister Duško Marković and said that they wanted such investment in Montenegro.
Similarly, the wind farm Gvozd project was recently estimated at 58 million EUR, rated at 55 megawatts and, according to the estimates, it will have 13 turbines. Shareholders in the state energy company supported the decision on the construction of the Gvozd wind farm. Executive manager of the Directorate for Development and Engineering in the Electric Power Company of Montenegro Ivan Mrvaljević said that development of the Study on the potential of wind and energy production assessment, and the Study on the market and business model of Gvozd wind farm had been carried out before the investment decision.
Read more news about business in Montenegro at TMN's dedicated page.
11 October 2019 - On October 3rd, Jet2.com and Jet2holidays announced new direct services to Tivat in Montenegro, with flights and holidays going on sale from London Stansted and Manchester Airports.
The announcement marks the first time that Jet2.com has operated flights direct to Montenegro, a destination that features everything from golden beaches and cool bars to whitewashed villages and rugged national parks. Currently accessible from Dubrovnik, the launch of this brand new route now gives holidaymakers direct access to Montenegro with Jet2.com and Jet2holidays.
The airline will operate up to two weekly services (Thursday and Sunday) to Tivat from each base, with services running from May through to October.
Located on the west coast of the Balkan Peninsula, Tivat opens up an array of dazzling options for holidaymakers, including resorts such as stylish Budva, chilled-out Bečići and the stunning Herceg Novi. The classy coastal town of Tivat itself is nearby, as is the jaw-dropping Kotor Bay.
This is Jet2.com’s third brand new route for Summer 20, in addition to Preveza (Greece) and Zadar (Croatia).
Steve Heapy, CEO of Jet2.com and Jet2holidays said: “The introduction of services to Tivat means that we are operating direct flights to Montenegro for the first time. With stunning scenery, a wonderful climate, and fantastic resorts such as Budva and Bečići on offer, we are expecting this destination to be hugely popular with holidaymakers. Yet again, Jet2.com and Jet2holidays are giving holidaymakers and independent travel agents even more choice and flexibility when it comes to booking our award-winning flights and holidays.”
Low-cost carrier Jet2 will enter the Montenegrin market in 2020 with the launch of two new routes to Tivat. The airline will inaugurate two weekly flights from Manchester and London Stansted starting May 21. Both will be operated with a 189-seat Boeing 737-800 aircraft. The announcement marks the first time the leisure airline and package holiday specialist has operated flights to Montenegro.
"The Balkan beauty of Montenegro sits beside neighbours Croatia and Bosnia and Herzegovina. Majestic mountains stand proud against brilliant beaches, with terracotta-topped towns in between. You’ll find laid-back rural areas alongside upmarket marinas too. Sound up your street? Let us show you more…," says the open invitation of the Jet2 company to all interested travellers to visit Montenegro and its beauty.
Tickets are already available for purchase on the airline's website.
Get more information on when and how to visit Montenegro at TMN's dedicated page.
22 September 2019 - The Budva City Theatre will host the TOURNEE Festival from 22 to 25 September this year in Budva. During these four festival nights, Budva will host partners from Italy and Albania with their programs.
The Public Institution City Theatre, together with the Municipality of Budva, is a partner in the project "Theatres for tOURism developmeNt in Europe, TOURNEE", funded through the EU trilateral cooperation program CBC Italy-Albania- Montenegro. This program aims to enhance the attractiveness of the cross-border area for all visitors, through the creation of new community festivals, the City Theatre representatives announced.
The overall objective of TOURNEE is to establish closer cooperation among the key actors in the theatrical sector, by creating a durable Cluster of Theatre Institutions in the cross border area. TOURNEE involves cross border experts in theatre productions, territorial marketing, cultural heritage management and tourism strategic policies, in creating innovative cultural products to strengthen the exploitation of tourist destinations. As a result, an increasing role of theatres in supporting tourist economic growth is expected, as well as an improvement of public policies in cultural and tourism sectors.
As reported by RTV Budva, on Sunday, September 22, the TOURNEE Festival Opening Ceremony will take place between the churches starting at 7.30 pm.
After the opening ceremony, at 8 pm, the audience will have the opportunity to enjoy the opera "The Servant turned Mistress" (La Serva Padrona) by Giovanni Pergolesi, directed by Vladan Đurković, as part of the TOURNEE project. This opera is a co-production of the City of Budva Theatre, Tirana Opera and the Pula Public Theatre, under the direction of the Operosa Foundation in Podgorica.
On the second night of the festival, on September 23, there will be a performance by partners from Tirana “Johan Padan and the discovery of the Americas”.
The third night is scheduled for the performance of “Farce of the Crown” produced by partners from Fier, Albania.
On Wednesday, September 25, two programs will be presented: the musical "Island" and the theatre performance "Oresteia. Dystopian”.
According to the organisers, the tickets will not be charged during the festival, as the project is co-financed by the European Union.
September 18, 2019 - A rare chance to buy first row to the sea close to Budva in the latest RE/MAX Property of the Week.
They say that the three most important things in real estate are location, location, location.
There is perhaps a twist on that maxim when it comes to the Adriatic coast - first row to the sea, first row to the sea, first row to the sea.
In addition to having the security of knowing that nobody is going to interrupt that perfect view, nothing quite beats the mesmerising connection you can get with just you and the sea.
And the good news is that there are some new (and increasingly rare) opportunities to get your own slice of first-row real estate heaven in our latest Property of the Week from the RE/MAX catalogue;
For sale two bedroom apartment of 88 m2 in Rafailovici, on the first line to the sea. Rafailovici is a little charming place, located on the beautiful Becici beach, from Budva less than 10 minutes drive. The building is currently under construction, and the completion of works is in May 2020. In addition to the exclusive location, this complex will feature an unusual design as well as modern facilities, which future owners of apartments can enjoy, such as pools, panoramic elevators, reception, video surveillance, etc. This is an opportunity for all hedonists who want to enjoy the peace of a small place on the coast with a perfect sea view.
Sales price - 340,000 euro. For more information, and to book a viewing, visit the original RE/MAX listing.
16 September 2019 - According to records published by the Ministry of Sustainable Development and Tourism, there are 453 hotels in Montenegro with 43.639 beds. Nearly 55% account for four-star and five-star hotels. This year, 38 high-end hotels have been opened, and there will be even more.
As representatives of the Ministry said, categorization procedure helps achieve one of Government’s goals – creating conditions for the improvement and raising the quality level of catering capacities.
One of the key measures defined by the Reforms in the Area of Tourism Agenda is the development of new and improvement of the existing accommodation facilities. The most important activity in that context is defining models for the enhancement of the construction of four and five-star hotels, reports CdM.
"There are currently 25 five-star hotels in Montenegro. One hundred seventy-nine four-star hotels, whereas others refer to one to three stars," said the representatives of the Ministry.
Analysis of the current state of affairs of hotel structure takes into consideration the fact that the Strategy adopted at the end of 2008, when the many-year-long economic crisis started, has severely affected the investment projects in Montenegro.
"However, despite such ambiance, we are very satisfied with the structure of our hotels now, as the number of high-end hotels exceeds the projections envisaged by the Strategy," said the representatives of the Ministry.
Raising the offer quality in hotels and other catering facilities achieves the strategic goal of the development of tourism in Montenegro- high quality, all-year-long tourist offer.
"In that context, Government is focused on creating conditions for enhancing the development of catering services, as the most important segment of the tourism product," said the representatives of the Ministry.
With the aim of raising competitiveness level and creating conditions for the extension of the season, Ministry has been implementing the project of the establishment, improvement and control of the quality level of hotel facilities as well as other accommodation facilities.
Commission of the Ministry of Tourism is in charge of the categorization of catering facilities.
"Commission for categorization of catering facilities conducts the categorization procedure and assigns the category depending on the organization, equipment and maintenance of the facility, type and quality of services and other categorization criteria," explained the representatives of the Ministry.
Read more news about traveling through Montenegro at TMN's dedicated page.
15 September 2019 - The summer parties on the Budva Riviera are not over, confirm the organisers of the Beach Fest (Montenegrin: Fešta na plaži), which will be held on Sunday, September 15, in Rafailovići, organized by the Tourism Organization of the Municipality of Budva and the Local Community of Bečići.
Budva’s Beach Fest was held for the first time two years ago at the initiative of the locals that inhabit Rafailovići. Each year, the festival offers a rich entertainment program to citizens and tourists, and it improves their stay on the Budva Riviera at the end of the summer months. Just as the organisers aimed at the very beginning when they first put great efforts into organising the festival, “Fešta na plaži“ has now become a tradition.
This year’s program of Budva’s Beach Fest begins at 7 pm with the performance of the ensemble Toć, a local band from Tivat and Kotor. From 8.30 pm the audience will be entertained by the acoustic band Trio Gušt, and after them, at 10 pm, the guests will be able to enjoy the performance of the regional star Željko Vasić.
For this occasion, local caterers will prepare delicacies for all visitors, and a particularly interesting part of the program will be the sailing of decorated local boats.
The charm of this small fishing village and the quality program of the event make the Beach Fest perfect end of summer event, so the organisers invite all locals and tourists to join them tonight, on Sunday, September 15th in Rafailovići and have a great time.
01 September 2019 - Hong Kong Tatler, the essential guide to the luxury lifestyle in Hong Kong, recently placed Budva, Montenegro on the top of the list of destinations for a luxurious last-minute trip!
Hong Kong Tatler Magazine that covers everything from the best events and most glamorous people, to fine dining, international fashion and luxury travel wanted to inspire its readers to take advantage of the remaining sunny summer days and organise a last minute trip to a luxurious destination. In fact, Tatler based the destination research on famous people’s holiday getaways, and the very first recommendation is Aman Sveti Stefan Resort in Budva!
While exploring Montenegro, one of Hong Kong society's brightest young stars and a social media phenomenon, Eleanor Lam (better known as Elly), fell in love with Aman Sveti Stefan, the charming seaside hideaway resort with lush grounds and stunning sea views.
As Tatle reported, Eleanor Lam is always on the move, and a highlight from her myriad summer jaunts was Budva, a medieval town in Montenegro. She stayed at the Aman Sveti Stefan, an exclusive resort atop a private island that used to be a fishing village in the 15th century.
Pink-sand beaches, crystal-clear waters and rugged, pine-cloaked mountains form the untamed backdrop to Aman Sveti Stefan, in one of Europe's last corners of truly wild beauty – Montenegro, managed to charm the young star. Eleanor loves exploring exotic destinations, and the stroll along the shoreline, Queen’s Beach, the scallop-shaped bay considered Montenegro’s finest, left her breathless as she managed to take some gorgeous photograph on site.
Lam also couldn’t resist revealing more beautiful locations in Montenegro, as she visited a peaceful, authentic place with delicious Montenegrin cuisine, Rijeka Crnojevića. Swimming in a pool with a gorgeous view over the Skadar Lake, Ellie posted a picture on social media, saying that she could get used to the picturesque sites Montenegro has to offer.
01 September 2019 - The 340 million EUR super-yacht Eclipse, owned by the Russian billionaire Roman Abramovich, was spotted in the Boka Bay this morning.
The ship has 24 guest cabins, two pools, a nightclub, and even a missile defense system!
The Russian billionaire spent 350 million EUR to make this ship, but some claim it cost 1 billion EUR if all the luxury and safety amenities are taken into account.
Roman Abramovich’s Eclipse boasts nine decks, the top one containing two helipads and a garage. The forward helipads open out to allow for a Eurocopter EC155 to be placed in a hangar underneath, reported Cafe del Montenegro.
The 8th deck has a swimming pool and a sundeck, with a pull-out barbecue and pizza oven and a built-in wood-burning fire pit.
The main saloon boasts a fireplace and a massive sculpture from Indonesia. There is another pool on the seventh deck with an adjustable depth feature that sees the floor rise and fall, so that it can be changed into a dance floor.
The Eclipse also has bullet-proof windows and lasers to dazzle paparazzi.
Each cabin in the yacht has a private cinema screen, a Jacuzzi, spa and special security systems. The super-yacht is however very expensive to maintain – running costs are estimated to 40 million EUR a year.
Read more news about traveling through Montenegro at TMN's dedicated page.