- Phase I: Reconstruction of hotel Miločer, hotel island Sveti Stefan apartments and surrounding villas followed by supporting facilities.
Phase one is finalized in 2010. This phase included a refurbishment of “Miločer” hotel and “Sveti Stefan Island” hotel (together 58 rooms and suites), as well as part of infrastructure works, an administrative building and leisure facilities (restaurants, tennis courts and cafes), to create a new resort to be operated under the brand "Aman Resort" ranked as 5* facilities. All requested standards, apart from operation and services, had to support the highest quality of facilities.
- Phase II: Construction of Queen’s Beach Hotel, surrounding Villas & Spa center
Part of Phase II is already finalized and that includes construction of SPA Center. Spa center started to operate in 2014.
Second part that should follow are works on Hotel Queens Beach and 5 Villas. January 2016, Adriatic Properties obtained the permit for undertaking new construction works as a part of II Phase on the leased area. The works envisage the construction of a new hotel on the location of the current hotel Queens Beach, as well as 5 villas in it's immediate vicinity. Preservation of natural resources and cultural heritage of this area were the priority of Adriatic Properties and the Government of Montenegro while selecting the design solution for the works concerned. The construction is aimed at the improvement of tourism offer and development of facilities which will meet visitor's requirements with regard to exclusive comfort, privacy and the pleasure taken in natural beauty of the landscape.