The Hotel Mediteran , 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 in July 2005 through the Commerce Court of Podgorica. The hotel is considered a vital property as part of national economic development .
As part of its acquisition of the resort facility, Husein Becovic through his Becovic Management Group, d.o.o. 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, BMG's required to invest no less than 6,150,000.00 Euros in the renovation of the Property, within a three-year period. BMG purchased the property through a contract executed in Ulcinj; specifically Sales Agreement Number 1171 dated July 25, 2005.
The Hotel Mediteran is situated in an historic area known for habitation by the Illyrians and one of the oldest civilized coastal towns in the eastern Mediterrean. The Hotel Mediteran has become known among environmentalists for promoting the preservation of natural features and phenomena of the region, and sponsors major conferences dedicated to such green notions. The transboundary Bojana-Buna Delta between Albania and Montenegro with Lake Skadar in the hinterland, centered in Ulcinj is a key site in the system of important bird Areas from Slovenia to Albania . The hotel is also situated among several of Montenegro's prominent natural protected areas, Velika Plaza, Lake Scutari, and Ada Bojana.
|This article relies on references to primary sources. (December 2007)|