The Government of Montenegro proposed to recreate the island's old charm and issued an international tender for a revitalization project. The contract was awarded to Aman Resorts in 2007, and the renovated resort was completed in 2009. Aman Sveti Stefan holds a 30-year lease. On July 13, 2010, Montenegro's Statehood Day, Italian tenor Andrea Bocelli held a concert to celebrate the hotel's Golden Jubilee. The hotel was awarded the Hotel of the Year by the Gallivanter's Guide in 2010.
Villa Miločer
Villa Miločer was constructed between 1934 and 1936 as the summer residence for Queen Marija of the Karađorđević dynasty of Serbia. Villa Miločer was renovated as part of the Aman Sveti Stefan Resort project, which took place from 2008 to 2009. The villa, surrounded by 800 olive trees, spans an area of 32 hectares.