The General Manager of Budvanska Rivijera, Dusko Lalicevic expects that the negotiations with the Austrian investment group Soravia to build an exclusive hotel in Budva will soon be concluded. The hotel should be on par with Hilton and Marriott.

The representatives of the two companies signed a preliminary agreement to build the hotel, which in addition to building this object, envisages joint investments in the hotel complex “Slovenska Plaza” which is to be upgraded to four-star level. The project is worth a minimum of EUR 50 million and the investments could reach EUR 100 million.

Soravia, which owns the Hilton hotel in Vienna, will most likely be awarded the contract to build the hotel in Budva, but the representatives of Budvanska Rivijera do not rule out the possibility that they bring the Marriott or another company of the same rank.

Lalicevic is pleased with the results that Budvanska Rivijera has achieved in this tourist season. He pointed out that the wages for the employees until the start of the next tourist season have been secured, including bonuses.

The company’s turnover since April has amounted to approximately EUR 16 million. He believes that the privatisation of the company is inevitable, but that it should be handled carefully. Budvanska Rivijera is in majority governmental ownership and has about 4000 shareholders.

The company owns “Slovenska Plaza”, “Sveti Stefan”, “Milocer”, the hotels “Aleksandar” and “Palas” and “Kastel Lastve”.