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EBRD - C&W Hospitality retained as an advisor on Commercial Due Diligence for loan financing purposes

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The Challenge

C&W was asked to advise EBRD in assessing the market and financial feasibility of the financing of the luxury Aman Svety Stefan development scheme. The scheme consists of 50 deluxe suites on Sveti Stefan Island, eight deluxe suites at Villa Milocer, and a new build property referred to as Queens Beach Hotel (60 5-star rooms and 60 5-star condominium apartments), as well as wellness and health centre, restaurants and meeting facilities.

The property is operated under a management agreement with two different hotel operators: Aman Resorts and General Hotel Management (GHM). Aman Resorts operates Sveti Stefan Island and the Villa Milocer is under the Aman Resorts brand while GHM will operate the Queens Beach Hotel under the Chedi brand.

The Solution

Step 1: C&W conducted a comprehensive market analysis of the Montenegrin touristic and hotel market focusing on Sveti Stefan, including a detailed demand and supply analysis. We identified its strengths and potential risks.

Step 2: We reviewed the proposed concept and verified its suitability for the subject property and the Sveti Stefan market. We reviewed the terms of the Operating Agreement and provided an estimated detailed financial analysis to assess future profitability potential of the development.

Step 3: C&W provided an opinion on the viability of the proposed project that served as a base for the client’s decision making process and internal loan approval.

The Results

EBRD provided financing for the project which has been successfully finalized and opened in December 2008. The development is undoubtedly one of the most prestigious resort hotels in Europe.


Frédéric Le Fichoux

Frédéric Le Fichoux

Head of Hotel Transactions - Continental Europe

Prague, Czech Republic

Phone +420 2 34603725

Contact me