Work will start in January on the big empty hole in Funchal, where the savoy once stood.
New artist impressions of the New Savoy have been shown today. The company AFA owned by Avelino Farinha is to invest 60 million for the new hotel, which will take about 2.5 years to complete. AFA group will also have control of the Royal Savoy and Savoy Gardens.
The Group also owns the two hotels on the beach front of Calheta, Calheta Beach Hotel, and the new Saccharum Hotel.
I’m not sure as of yet where people will stand who have paid in money as part of Timeshare when the old Savoy was knocked down 6 years ago, and brought off plan for the new Building.