Hotel Mediteran

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The Hotel Mediteran [1], located in the coastal town of Ulcinj in Montenegro, is one of the first privatization deals completed by the new nation of Montenegro. The hotel was acquired by Becovic Holdings, Inc. [2] in July 2005 through the Commerce Court of Podgorica.

As part of its acquisition of the resort facility, Becovic Holdings agreed to invest court-stipulated funds, to renovate the property, in order to return it to its status as a popular destination resort on the Adriatic Coast.

The Facility had been a resort and hospitality asset of Ulcinj-based hotel-tourist company, Ulcinjska Rivijera. According to the Purchase Agreement, BHC's required to invest no less than 6,150,000.00 Euros in the renovation of the Property, within a three-year period. BHC purchased the property through a contract executed in Ulcinj; specifically Sales Agreement Number 1171 dated July 25, 2005.

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