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Regency Palace Closes

Sad news to see that the Regency Palace Hotel will close its doors next week, making over 100 staff unemployed. Lots of owners in timeshare are going to loose out and will be a shame to see another empty building In Funchal.This part of Funchal already has another large empty hotel , plus apartment blocks which have been started and not completed.
This is from the Jornal website
Having sought to intervene on several occasions, to generate consensus and find a solution to avoid this outcome, it is with great concern that the Regional Secretariat for the Economy, Tourism and Culture sees the news of the Regency Palace Hotel closing, conveyed today in media.
In a statement, SRETC said that either from the creditor banking institutions of the management company, either from the Union of Workers of Hotels Madeira, the shop stewards of the hotel unit and the insolvency administrator, the Government “all made to prevent this closure, calling on the reasonableness and warning of the adverse effects that such a decision would entail both for workers and for the destination image. ” 
Existing in the Region hotel units going through similar processes, which remains, however, open at SRETC says regret “that the involved banks have failed to converge in the common interest, choosing the path of recovery of this venture.” 
In conclusion, the SRETC appreciates it a “highly negative decision for the image and for the reputation of our destination that unfortunately still calls into question a hundred professionals, serving the Madeira tourism, all made to honor the good name and the tourist culture that distinguishes us in the market.