Sliema’s iconic Savoy Hotel, which is currently abandoned, will be sold at auction following a court decree.
The hotel, which is a scheduled building, will be sold on 13th September with the starting price set at €2.8 million. The hotel is located at the top of Rue D’Argens.
The decision comes following a legal dispute after a minority owner failed to come to an agreement with Almo Properties and Exalco Group.
Exalco had acquired a part of the property, but could not complete its project with minority owners refusing to budge.
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.
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