According to Serbian Economist, the Sveti Stefan complex in Montenegro is set to open no later than June 2026 as part of preparations to resolve the dispute between the state and Adriatic Properties. This was reported by Montenegrin media.
According to the published terms, the parties are to waive mutual claims in the arbitration proceedings, allowing Montenegro to avoid potential losses amounting to over €100 million. An extension of the lease for a period comparable to the time during which the complex was not operational is also being discussed.
Additionally, the agreement provides for the resolution of disputes regarding lease payments, and the state is to receive a profit share of approximately 10% annually. At the same time, the authorities confirmed that no additional construction beyond the already approved parameters is planned in Miločer Park.
Meanwhile, the complex’s operator, Aman, and the tenant, Adriatic Properties, have announced their readiness to resume operations by the 2026 summer tourist season, effectively returning one of the region’s key luxury assets to the market.
Sveti Stefan remains one of the symbols of Montenegro’s tourism industry, and its closure in recent years has negatively impacted the premium segment and the destination’s overall image.
It is worth noting separately that Serbian tennis player Novak Djokovic was previously involved in the project. He served as the official promoter of Sveti Stefan following its renovation and reopening under the Aman brand, participating in the resort’s international promotion.
Aparthotels are a type of investment property that has established itself as a distinct sector and consistently attracts investors in Ukraine. They combine property ownership, passive income, and professional hotel management. Why investments in hotel real estate remain relevant—let’s consider the example of modern resort projects.
In recent years, the investment real estate market has been gradually transforming. The traditional model of investing in apartments for long-term rent is giving way to new formats.
Investors are increasingly seeking managed assets capable of generating passive real estate income without the need to handle leasing, maintenance, or operational processes themselves.
This is precisely why investments in aparthotels and hotel real estate are becoming one of the most dynamic market segments. In tourist regions, such properties demonstrate stable demand and the potential for long-term capitalization of asset value.
According to management companies, the average hotel occupancy rate in professionally managed portfolios is around 55–65%, while the most successful properties achieve 70–85% occupancy. It is precisely these indicators that make hotel real estate attractive for long-term investments.
“According to data from LUN, the income-generating real estate market is growing steadily—and this is no coincidence. This segment attracts investors by combining the clarity of a classic square meter with the advantages of a ready-made investment product. It is a physical asset, passive income without operational hassle, a transparent economy, and income pegged to a currency. “If a project is well-calculated, has an interesting concept, and is professionally managed, the yield here can be higher than in traditional rental real estate,” explains Vitaliy Mazhara, CEO and managing partner of the development company GREENWOOD Development.
An aparthotel is a type of hotel real estate in which an investor purchases a separate unit—an apartment, villa, or cottage—within a hotel complex.
Unlike the traditional rental model, the owner is not involved in day-to-day operations. Management of the property is handled by a management company, which is responsible for:
The investor’s profit is generated from hotel operations—revenue from guest stays, infrastructure, and the complex’s services.
In this way, the property becomes an investment asset that functions as a business and generates passive income.
The modern hospitality industry is evolving alongside tourist behavior. Today, guests are increasingly choosing hotels based on more than just location or service level. A key role is played by the experience, atmosphere, and emotions a guest receives during their stay.
That is why concept resort hotels demonstrate higher guest loyalty, a stronger brand, and stable occupancy.
“Today, investors are increasingly focusing on concept hotel projects. It is not just the location or architecture that plays an important role, but also the idea that creates a unique experience for guests. It is precisely these hotels that demonstrate stable demand and long-term investment value,” — notes the leading management company Maestro Hotel Management.
According to market participants, it is conceptual resort hotels that are currently driving a new wave of investment in tourism real estate, as they combine an emotional experience for guests with the stable economics of the hotel business.
One example of a new generation of resort projects is the “VIRSHI” experience hotel in the Carpathians.
The project’s concept is based on the idea of the experience economy, where the key product is not square footage, but the guests’ emotional experience.
In this format, the guest becomes the creator of their own vacation—choosing a stay scenario from dozens of possible options: from active recreation to solitude or rejuvenation.
The hotel’s service model is built on two approaches:
Service by Scenario — personalized experience packages that adapt to the guest’s travel style.
Moments of Magic — specially designed service moments that create unexpected pleasant impressions during the stay at the hotel.
From the very beginning, the “VIRSHI” experience hotel has been developed as an investment product, where every decision impacts the property’s future economics.
The choice of location, infrastructure format, service model, management team, and concept are not separate elements but a system that determines the hotel’s future occupancy and profitability.
That is why the project combines an emotional experience for the guest with clear investment logic, where the product is shaped with demand, vacation scenarios, and long-term efficiency in mind.
You can learn more about the project’s concept on the VIRSHI Experience Hotel website.
Combined with the growth of domestic tourism and the development of resort infrastructure, this format is gradually shaping a new market segment—income-generating investment real estate.
That is why more and more investors are turning their attention to conceptual resort projects that combine a strong idea, professional management, and stable hotel economics. One example of this approach on the market is the “VIRSHI” experience hotel near Bukovel, which operates within the experience economy model and offers investors a new way to engage with hotel real estate.
Rising tensions surrounding Iran and increased demand for equipment to rebuild energy infrastructure in Gulf countries are putting additional pressure on global supply chains and making it harder to provide Ukraine with the necessary components. Politico reports this, citing industry sources and European officials.
According to the publication, amid geopolitical instability in the Gulf region, a number of countries have stepped up purchases of energy equipment—including transformers, generators, and components for restoring and protecting infrastructure. This has led to increased competition for limited production capacity, which directly affects delivery times for Ukraine.
Politico’s sources note that amid limited supply and long production cycles, manufacturers are prioritizing orders with higher margins or faster financing, which also affects the availability of equipment for Ukrainian projects.
Risks related to supply security and logistics amid a potential escalation of the conflict surrounding Iran have added pressure to the market. This is making suppliers more cautious and complicating the planning of long-term contracts.
Against this backdrop, the Ukrainian energy system, which already faces regular infrastructure damage, remains dependent on external equipment supplies, whose delivery times may increase. Industry sources note that certain items—primarily high-voltage transformers—have a production cycle of up to 12–18 months, making the situation particularly sensitive to global imbalances in supply and demand.
For most of us, “five stars” is synonymous with perfection. However, in Ukraine, this rating often reflects only the quality of the building, not the quality of the stay itself.
The official hotel classification system in Ukraine still relies on state building codes (GSN). The system thoroughly checks the infrastructure: whether the hotel has an elevator and a restaurant, the size of the reception area, and whether it operates 24/7. However, the standards do not regulate the softness of the mattress, the availability of parking spaces, or the staff’s genuine willingness to help in unusual situations.
At the beginning of 2026, only about 220 establishments out of approximately 3,700 had an official category in Ukraine—less than 10% of the market. Among them, there were only about 40 five-star hotels. And when most of the industry operates outside the formal classification system, the premium segment focuses not on state requirements but on international service standards.
For example, in the U.S., Forbes Travel Guide evaluates hotels based on more than 900 criteria, with service accounting for about 70% of the rating. As a result, the Ukrainian market has begun to develop its own hospitality standards—often significantly exceeding the minimum requirements of government regulations.
To understand what the transformation of modern service standards looks like in practice, we analyzed the experience of the Ukrainian complex Apartel Skhidnytsya, which received the prestigious World Luxury Hotel Awards in the category of Luxury Wellness Resort 2025 in Europe. Using this case study as an example, we can see what guests actually pay for at a modern five-star resort.
One of the main shifts in the approach to leisure is the move from basic infrastructure to what hoteliers call “overservice.” This refers to the level of a boutique hotel, but on the scale of a large resort complex.
“In the premium segment, service has long ceased to be merely a set of amenities. Today, it is first and foremost about comfort that requires no extra effort from the guest—from booking dinner to organizing leisure activities or accommodating individual requests. The less a person has to control or decide on their own, and the more they feel that their needs have been taken care of in advance, the higher the actual level of service,” explains Vasily Krulko, entrepreneur and co-founder of the Apartel Resorts hotel chain.
True service begins even before arrival. If a guest’s child loves to play tennis but the property doesn’t have its own courts, the team won’t just shrug their shoulders—they’ll book a court nearby.
All guest requests are recorded in the CRM system: if you’ve ever asked for an extra pillow or four liters of water a day, they’ll be waiting for you automatically on your next visit. It is precisely these details that make guests want to return, and for resorts, this is a key indicator: if the service is consistently good, people return not because of advertising, but because of their own experience.
A beautiful photo shoot no longer gives a hotel an edge. However, a detailed 3D tour that allows guests to walk around the property and view rooms even during the selection phase can be a deciding factor for a guest.
At a Swedish buffet, you might encounter a robot delivering yogurt between tables—a small but noticeable detail that adds a sense of novelty to a premium vacation.
Gradually, technology will also streamline the check-in process. In the future, traditional check-in at the front desk is expected to be replaced by pre-check-in. The idea is that guests can submit their documents and confirm their details while still en route, thereby reducing formalities upon arrival. After arriving, they’ll simply need to pick up their key, without unnecessary waiting or paperwork.
Domestic tourism has grown significantly following the full-scale invasion. According to a study by the digital agency Inweb, 85% of Ukrainians planned to spend their summer vacation within the country in 2025. The Carpathians became the most popular destination, and 54.3% of respondents planned to travel with children. Therefore, a comfortable family vacation and appropriate infrastructure for children have already become a basic requirement.
In addition, about a third of guests travel with pets. Therefore, a pet-friendly hotel must also have a full range of amenities for pets: beds, bowls, welcome kits, and convenient walking routes.
To ensure the vacation remains comfortable for everyone, the space itself becomes crucial. While DBN standards allow a five-star hotel to have rooms starting at 16 m², the Luxury Wellness Resort 2025 standard requires a minimum of 34 m² of fully functional living space, complete with a dining table and a full-size balcony.
Family travel has also driven demand for scale—the “resort-within-a-resort” format, where guests can spend their entire vacation without leaving the premises.
This is achieved through seasonal spaces that operate in different formats: in winter—an ice rink or event venue; in the warmer months—a lounge area or concert stage. The grounds host tea ceremonies, master classes in floristry and pottery, themed tastings, concerts, and other events.
Having a SPA is no longer a competitive advantage today—even lower-category hotels have them. Therefore, the focus is not on the number of zones, but on the guest experience.
Thus, a parmeister appears in the SPA zone, transforming the sauna into a ritual with gongs, and instead of standard wellness programs, a full-fledged biohacking center operates. This is the first complex in Ukraine to implement such an approach, at a time when the market was barely familiar with the term. It involves restoring physical and mental well-being through a combination of natural factors and preventive medicine.
The contrast with formal requirements is telling, since according to DBN, having a nurse on staff is sufficient to obtain 5-star status. Everything else is a matter of the hotel’s own approach to service.
A high level of service is inextricably linked to safety—and to the guest’s sense of that safety. For example, if a guest doubts the cleanliness of a plate in the restaurant, staff can take it to the dishwashing area and demonstrate the entire dishwashing process, including their plate. Such transparency builds trust, as neglecting hygiene can lead to viral outbreaks—as has already happened at popular resorts.
Even technical details affect comfort. For example, using quiet electric equipment instead of gas-powered lawn mowers so the noise doesn’t wake guests in the morning.
Such details may seem insignificant, but they are precisely what shape the overall sense of relaxation. People come to the mountains for peace and quiet, so even technical solutions on the premises begin to influence the quality of the experience.
And finally, privacy. In the premium segment, this is one of the key principles. The resort team has deliberately refrained from publishing photos and videos from actual events where guests are present. If footage from events does appear on social media, it features only people invited specifically for the shoot. “Today, a real guest’s privacy is valued higher than any reach.”
“In many hotels, quality service has long since gone far beyond the formal five-star standard and actually already corresponds to a six- or even seven-star level. It would be interesting if Ukraine were to become the country that introduces such an additional rating. And if the market offers an opportunity to compete for a hypothetical sixth star, we will definitely be among those ready to prove it,” says Ruslan Kachan, CEO of Apartel Skhidnytsya.
As a result, today’s guest pays not so much for square footage or a formal star rating, but for the feeling of a well-planned vacation. A hotel’s ability to anticipate guests’ needs and create a relaxing experience is increasingly referred to as the “sixth star”—a standard that does not exist in official documents but which guests clearly feel during their stay.
According to Fixygen, PJSC “Kramatorsk ‘Teplopribor’ Plant” will hold a general meeting of shareholders on April 30, 2026, via remote participation. The agenda includes approval of the annual financial statements, operating results for 2025, profit distribution, and other corporate governance matters.
The company specializes in the production of control and measurement instruments and equipment for heating engineering and industrial automation. The plant is one of the industrial assets of the Donetsk region with a long history of operation in the machine-building sector. According to Opendatabot, the company is controlled by private Ukrainian shareholders.
The Zaporizhzhia Metallurgical Plant “Zaporizhstal” increased rolled steel shipments by 3.8% in January–March of this year compared to the same period last year—to 660,600 tons from 636,700 tons.
According to the company’s press release, steel production for the first three months amounted to 758,200 tons (748,400 tons in January–March 2025), and pig iron production to 819,300 tons (849,600 tons).
In March, Zaporizhstal produced 316,400 tons of pig iron and 298,200 tons of steel, and shipped 254,600 tons of rolled steel.
As reported, in 2025, Zaporizhstal increased rolled steel output by 15.2% compared to the previous year—to 2,794,600 tons from 2,426,700 tons. Steel production amounted to 3,212,200 tons (in 2024 – 2,890,800 tons), and pig iron production to 3,567,800 tons (3,106,300 tons).
In 2024, Zaporizhstal increased rolled steel output by 18.1% compared to 2023—to 2,426,700 tons from 2,054,700 tons, steel output by 17.2%, to 2,890,800 tons, and pig iron by 14.2%, to 3,106,300 tons.
In 2023, Zaporizhstal increased its rolled steel output by 57.2% compared to 2022—to 2,054,700 tons, steel by 65.4%—to 2,466,900 tons, and cast iron by 35.3%, to 2,718,900 tons.
Zaporizhstal is one of Ukraine’s largest industrial enterprises, whose products are in high demand among consumers both in the domestic market and in many countries around the world.
Zaporizhstal is a joint venture of the Metinvest Group, whose main shareholders are PJSC System Capital Management (71.24%) and Smart Steel Limited (23.76%). Metinvest Holding LLC is the management company of the Metinvest Group.
