The new president of the Board of Directors of HTP “Ulcinjska rivijera” is Jovan Vlahovic, representing the Compensation Fund, as reported by “Vijesti”. He has taken over from Besmira Muratija, who represented the state’s capital.

The Board of Directors now also includes: Ana Ćetković (Democrats), Nina Abramović (Europe Now Movement), both as representatives of the state capital, and Katarina Zunjic from the Pension Fund.

“Ulcinjska rivijera” is a joint-stock company primarily owned by state funds and the government.

According to information from “Vijesti”, the change in leadership was made in line with a political agreement stipulating that both the Board President and the CEO must not belong to the same party. Murati and the CEO of “Ulcinjska Riviera”, Armand Mila, are both members of Force.

Mila was appointed as the executive director of “Ulcinjska Riviera” earlier this year, while Murati became president of the Board of Directors in July of last year.

Bankruptcy proceedings for “Ulcinj Riviera” were initiated on March 22, 2004, upon a request from the local Electric Power Company due to an outstanding electricity debt of 230,000 euros.

At that time, “Ulcinj Riviera” faced a total debt of approximately 12 million euros. Following the bankruptcy declaration, the company’s valuable assets were quickly auctioned off. The Bus Station and the “Stari Grad” hotel group were sold first, later followed by hotels Mediteran, Otrant, Galeb, and Lido, with the “Lido” hotel and its bungalows sold in 2006 for 10.8 million euros.

In 2017, the Riviera signed a 30-year lease with the Karisma consortium for the Olympic and Bellevue hotels located on Velika Plaza, while continuing operations at the tourist resort on Ada and the Neptun campsite.

The campsite has been consistently leased, and the nudist resort has achieved impressive results, evident in the significant increase in overnight stays and turnover.

“Ulcinj Riviera” has recently unveiled the Ada Bojana Development Strategy aimed at 2030. This strategy proposes transforming the existing nudist resort by expanding accommodation capacity to nearly a thousand beds, establishing camping areas and mobile homes, and introducing new amenities—such as a spa center, an indoor swimming pool, a football field, and the first padel court for mini tennis in the municipality of Ulcinj. The overarching ambition is to evolve Ada into a year-round destination that attracts tourists from affluent European countries, in addition to athletes seeking training facilities supported by enhanced sports infrastructure.

Mila recently noted to “Vijesti” that the current facilities and outdated equipment of the resort make it difficult to attract high-spending tourists from countries like France, Germany, Italy, Spain, and the Scandinavian nations.

“Therefore, we need to ensure renovations are completed by next year to draw in those markets. This will inherently influence the company’s revenue and growth, contributing to a healthier outlook for state-owned enterprises in Montenegro,” Mila emphasized..

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