Luxury resort with 126 accommodation units scheduled to open in 2029
Nammos Hotels & Resorts and Smokva Bay have announced a landmark partnership for the development of Nammos Resort Montenegro, a fully integrated luxury lifestyle destination located in Smokva Bay on Montenegro’s Budva Riviera. The resort is scheduled to open in 2029.
The partnership was formally announced during an exclusive ceremony held last night at the pop-up Nammos restaurant on Sveti Stefan, where Carolyn Turnbull, Chief Executive Officer of Nammos Hotels & Resorts, and Fredrik Jonsson, Chief Executive Officer of Smokva Bay, signed the partnership agreement.
As part of this strategic collaboration, Nammos Hotels & Resorts will introduce its signature lifestyle offering through a destination that combines a luxury resort, branded residences, acclaimed dining concepts, curated retail, and wellness experiences in one of Europe’s most captivating coastal settings.
Designed to celebrate the spirit of the Mediterranean, the development will comprise 126 accommodation units, including 47 hotel suites, 61 branded residences, and nine branded villas.
At the heart of the project, Nammos Village will reinterpret the traditional Mediterranean village as a contemporary destination for discovery, connection, art, shopping, and wellbeing. Beyond the resort itself, Smokva Bay will encourage guests and residents to immerse themselves in Montenegro’s spectacular natural landscape through scenic hiking and cycling trails that traverse the rugged Mediterranean terrain, complemented by thoughtfully designed wellness and outdoor fitness experiences that inspire exploration, movement, and a deeper connection with nature. The lifestyle offering will also feature a spa, fitness facilities, swimming pools, private dining venues, family-focused experiences, and exclusive beachfront amenities.
Among the distinguished guests attending the ceremony was Budva Mayor Nikola Jovanović, who highlighted the significance of the partnership between Nammos Hotels & Resorts and Smokva Bay for both Budva and Montenegro.
“Today’s partnership between Smokva Bay and Nammos is of exceptional importance not only for Budva but for Montenegro as a whole. The decision by one of the world’s most prestigious luxury hospitality brands to choose our city as its next destination confirms that Budva has met the highest international standards in quality, potential, and development vision. Nammos is synonymous with world-renowned destinations such as Mykonos, Dubai, Cannes, and other globally recognised luxury tourism hubs that represent exclusivity and prestige. Its arrival confirms Budva’s position among the world’s leading tourism destinations and demonstrates its growing appeal to the most prestigious international brands. I extend my sincere congratulations to Smokva Bay and Nammos on this partnership and thank them for the confidence they have placed in Budva. I am convinced this collaboration will make a significant contribution to the city’s future development and further strengthen its international reputation.”
Carolyn Turnbull, Chief Executive Officer of Nammos Hotels & Resorts, thanked the Municipality of Budva for its strong support and explained why Montenegro was selected for the brand’s newest destination.
“It is clear that Montenegro has a genuine ambition to position itself among Europe’s leading luxury tourism destinations. Its commitment to attracting high-quality investment while creating sustainable employment and showcasing the country’s extraordinary natural and cultural assets gives international partners like Nammos the confidence to invest for the long term.
At Nammos Hotels & Resorts, we are highly selective about where we choose to grow. We are not simply looking for beautiful locations—we seek authenticity, character, exceptional natural beauty, and destinations with the confidence and ambition to look decades ahead. Montenegro possesses all of these remarkable qualities. It is a country blessed with spectacular landscapes, rich cultural heritage, and an unmistakable sense of place.
We believe Montenegro is at a pivotal moment in its evolution and is poised to become one of the Mediterranean’s most desirable luxury destinations. We are incredibly proud to be part of that journey and to play a meaningful role in shaping the country’s future.”
Turnbull also outlined the vision for Nammos Resort Montenegro.
“We are creating an integrated lifestyle destination that we truly believe will set a new benchmark for luxury on the Adriatic. Nammos Resort Montenegro will bring together a luxury hotel, branded residences, villas, the iconic Nammos restaurant, the signature retail concept within Nammos Village, a Nammos Spa, and a carefully curated collection of lifestyle experiences.
Every element has been thoughtfully designed by our outstanding partners at Elastic Design to complement the natural beauty of this extraordinary coastline while delivering an experience worthy of the Nammos name. Our ambition is to create a destination that is authentically Montenegrin while embodying the unmistakable energy, spirit, and joy for which Nammos is recognised around the world—a place guests will dream of returning to and residents will proudly call home.
Projects of this scale and ambition require patience, trust, and a shared vision. This is not simply a hotel management agreement; it is a long-term partnership, a long-term friendship, and a long-term commitment to the beautiful country of Montenegro.”
Fredrik Jonsson, Chief Executive Officer of Smokva Bay, thanked Nammos Hotels & Resorts for establishing the partnership and outlined the company’s vision for the project.
“From the very beginning of the Smokva Bay project, our Chairman, Vadim, made it clear that we did not want to create just another real estate development. Our ambition has always been to build something truly unique—something designed specifically for this exceptional location on Montenegro’s coast.
Through our partnership with Nammos Hotels & Resorts, we believe we will achieve exactly that. This is about much more than luxury hospitality. There are many luxury hotels around the world, but our ambition is to become one of the world’s leading operators in luxury lifestyle hospitality.
That vision is reflected in a carefully curated offering that spans everything from retail to the exceptional culinary experience of the Nammos restaurant, bringing every element together into a single ecosystem of thoughtfully designed hospitality experiences.
We also see this as an investment in Montenegro’s future. The resort will create new employment opportunities, attract international investment into the residential component of the development, and support local businesses during both construction and ongoing operations. That is tremendously important to us.”
Vadim Verhovski, Founder and Managing Partner of Smokva Bay, spoke about his personal connection with Montenegro and with Petros Statis, Chairman of Nammos.
“Twenty years ago, I came to Montenegro for the first time and immediately fell in love with this country—its wild beauty, warm people, and extraordinary atmosphere. That experience led me to make two life-changing decisions.
First, I decided this coastline deserved something truly special—not just another hotel or resort, but something entirely different. I began assembling the land that would eventually become Smokva Bay, investing in this extraordinary location with a long-term vision.
My second decision was to move here with my family and raise my children in Montenegro.
Coincidentally, around the same time, another remarkable individual also arrived in Montenegro. In 2007, Petros Statis signed the long-term lease agreement for Sveti Stefan and Miločer with the Government of Montenegro, and a year later he brought Aman to Sveti Stefan, creating Europe’s first Aman resort. Aman Sveti Stefan went on to become one of the world’s most recognised luxury hospitality destinations, while Aman established itself as the leading ultra-luxury hospitality brand globally.
At the time, I could not have imagined I would wait nearly two decades before Petros Statis created another luxury brand—Nammos Hotels & Resorts. Nammos represents everything I had been searching for. It has a distinctive DNA, its own lifestyle, atmosphere, exceptional cuisine, world-class shopping through Nammos Village, and the highest standards of service.”
Guests were also welcomed by Sergej Statis, son of Nammos Chairman Petros Statis.
“Montenegro holds a very special place in my heart, and I have wonderful memories of growing up here. It is therefore a great pleasure to announce that Nammos Resort will open here in just a few years.”