Podgorica, (Montena – business) – Sibenergoresurs Company from Moscow signed at the end of last year a contract with HTP Budvanska Riviera and with Montenegrin Government on buying the Hotel AS at the price of DEM 5 million, reported PRA. According to investment plan, which is a part of the contract, it is predicted that in the hotel and its 5 villas will be invested DEM 22 million, with the obligation that the project is realised in a period of 2 years. As it was reported, during accepting the offer also the hotel’s present condition was considered, which concluded that the hotel couldn’t be opened without big investments. The buyer was obliged to invest in the object and renovate it in harmony with the Investment plan, in order to fulfil conditions for international standards necessary for hotels with at least 4 stars, by the end of next year. The investment plan is in harmony with an already created Master Plan for Development of Tourism in Montenegro. The contract says that Sibenergoresurs manages the hotel and improves business, respecting conditions in the offer, and also to provide that the hotel works during all 12 months. It is planned 30 days pause in the work of the hotel for regular annual out-season cleaning and renovating the object. The buyer is obliged by the contract to take over all the employees who are permanently employed and who were occupied working positions in AS hotel. It was also agreed that the buyer provides it’s own best team for managing the hotel, and to employ not less than 50% of the permanent employed workers from Petrovac and from other places in Montenegro. Sibenergoresurs is obliged to provide a monthly wage to the workers, which will consist of a fixed amount that will not be less than an average monthly wage of employed in Tourism or a fixed amount that is equal to an average wage of employed in the HTP Budvanska Riviera. The Russian company will organize the necessary training for employees or additional education, in order to assure fulfilling of conditions related to employees. High-educated instructors will perform the teaching. As it was reported, the hotel was sold after a transparent tender procedure, which was realised by assistance of international advisers from the consulting house Flag Delaware International. The advertisement for selling the hotel was announced on 2 February 2001 by the Agency for Economic Transition and Foreign Investments in the Financial Times and in Montenegrin daily newspapers. To the tender two offers were sent, of which the more favourable was the offer from Sibenergoresurs Company, reported PRA. km/bd