Former Savoy Hotel Sold For €12.8 Million At Auction
Sliema’s iconic Savoy Hotel, which is currently abandoned, has been sold at auction for €12.8 million.
The price dwarves the starting amount, which was set at €2.8 million.
Almo Properties Limited, one of the main shareholders, won the bid, beating out Schembri & Sons Ltd and Ray Zammit.
The former Savoy Hotel caught on fire in 2019 and has become a hotbed for illegal squatters, with the dilapidated scheduled building becoming a makeshift residence for drug addicts and the homeless alike.
It was once a prominent hotel in the area but has since fallen into disrepair.
What do you think of the sale?
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