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The New Savoy Hotel

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cobham,surrey
posts: 4
reviews: 3
The New Savoy Hotel

Does anyone have current information or advice on the new savoy hotel being built to replace the old C lassic Savoy ?

We bought a timeshare in 2001 at the Royal Savoy and have been very happy and had great holidays every year

Last October we paid a deposit on a timeshare at the new hotel..we were assured that there was no problem with completing the project as the total funds had been secured in advance..on this basis we paid the deposit but since then there has been an ominous silence

is the construction still underway ?..when is it due to be completed?

madeira
Destination Expert
for Funchal, Madeira, Madeira Islands
posts: 5,153
reviews: 32
1. Re: The New Savoy Hotel

The construction ceased some time ago and the site cleared of machinery. It is well documented that one of the backers died and the remaining famiy have no wish to be involved, although I have heard that clients are being told that funds were placed before demolition began. I understand this is not the case and many buildings fail to be completed because funds run out, although I know that pre-construction sales are still ongoing.I have heard this week that talks are taking place between Pestana and the owners of the site. It is no secret that Pestana would like the site, so I guess that it is a matter of time and agreement of the price. Assuming this is the case, I assume, and it is only my assumption, that clients who have bought pre-construction will be offered apartments if the sale goes ahead, but again, it is only in it's infancy and obviously I am not involved in negotiations, so can only go by my knowledge of how it works here. What ever the outcome, I would doubt completion by the date given, ie 2013, as all that is done is the underground carparking space!!.

I agree that the Royal Savoy is a fantastic place and a good timeshare resort, but I guess in the present ecomonic climate, not just in Portugal, but many Countries, caution is essential when it comes to investment in Countries who have huge debts and the weak economy. I hope for those who have bought pre-construction that all works well in the end, but I suppose it may not be in the near future.

Horncastle...
posts: 513
reviews: 2
2. Re: The New Savoy Hotel

There is an ongoing thread in the Funchal Forum Headed "Madeira Royal Savoy timeshare sellers" which has what must be a record 74 separate postings and is well worth reading.

I think the last entry there was end-June/early July so you should be able to find it.

If, as Flowercity says, Pestana are looking at the old Savoy site then that could be very good news.

England, United...
posts: 1,346
reviews: 57
3. Re: The New Savoy Hotel

Must be very frustrating for you revilo1. Is there no one at the Royal Savoy that can give you an update on the latest news for the Classic Savoy?

I hadn't heard Flowercity's news about Pestana but I agree with Roger that if they take over the site it could be very good news. I have been a timeshare owner with Pestana for twelve years and have always been very happy with them.

Hope things all work out for you and the many other people affected.

Glasgow, United...
posts: 2,256
reviews: 100
4. Re: The New Savoy Hotel

Hope things go well for you and people who have put up deposits etc problem is i think as flowercity says it is partly because of the world financial situation and family disagreements. Hope somebody develops the site like Pestana only hope it happens but time will tell.

UK
posts: 2,544
reviews: 7
5. Re: The New Savoy Hotel

I think I would have heard if Barardo near family had suffered an sad family death.Many can remember when he and his Brother Roque having made a fortune from what others considered semi defunct gold mines bough the Savoy from the former owners a doctor family .

It would also be surprising if Berardo had to fund the rebuilding he would encounter any difficulty from his own pocket ! The new Savoy is to replace the classic Savoy which itself was an ugly building of Stalin era resort built for loyal workers hols. The Savoy staff made the hotel some key members are still on payroll despite no work.

Seemingly unimportant change in the Madeira law made the building of Royal Savoy possible.

I did once see the contract the time share purchasers signed,& have little doubt that Revilio when signing made a verbal condition to salesman & kept notes of his conversation with the latter quote “time was of the essence”. As contract will breach time then Revilio’s deposit will be returnable. Sec 75 Consumer Credit Act ‘74 he will have protection assuming paid deposit by credit card and less than £30K. Suggest R contacts a lawyer - am not - only failed barrister

It may not be without relevance the ultimate ownership of the Savoy is an offshore Company where reporting of financial matters is only modestly required

Am yet to be persuaded save most unusual circs time share is otherwise than an unwise purchase. Mathematically t/s is fiscally naieve.. Just do the maths for oneself using PV versus FV formula

All due respect do wonder if Dionisio Pestana would be very interested in the Madeira site but I do not live -there have no wish to act as local expert - living 1000 miles away as I do , this can occur in other Forum experts living other side of the world. No doubt FC knows more than I do.

I do understand some problem about one of the floors and original planning permission

Am sorry to hear about this hassle for Revilio -

Regmaiche

madeira
Destination Expert
for Funchal, Madeira, Madeira Islands
posts: 5,153
reviews: 32
6. Re: The New Savoy Hotel

This has all been documented several times in local newspapers and also from the management, who incidentaly treated Classic Savoy staff in an appalling way following the closure. The present sales team are being told ( confirmed by a recent posting here on TA) to say anything as long as they get a sale, and to not put anything in writing. I am sure that there is a huge problem with the build, but as often happens in Madeira, the truth is often not in the public domain, especially in the timeshare industry. The information which I suggested in my earlier is as accurate as can be in the circumstances. The majority of the sales team are now unemployed and there are less touts on the street. I have bought timeshare in Madeira and in the main it is a very good way of buying holidays, but in this case, clients need to be extremely cautious and use the 14 day cooling off period to get the paperwork checked by an expert or solicitor in the field. The fact that Savoy workers may still be on the payroll, confirms the shoddy way in which they have been treated as these particular staff are not allowed to re-enter the workplace to obtain new positions because of the restrictions of the contracts. A close friend of mine was denied the opportunity to redeploy elsewhere by this particular paractice and has only recently been released from that contract, causing him severe hardship and of course now, employment is at an all time high , so stands very little chance or empolyment, despite being highly qualified.

cobham,surrey
posts: 4
reviews: 3
7. Re: The New Savoy Hotel

thanks to flowercity and the other respondents for taking time to reply..we will certainly not part with any more money until we have some cast iron gaurantees..in writing

such a pity this has happened..like 99% of other Royal Savoy members we really like the hotel,Funchal,the levadas and the lovely Portuguese people and we will continue to use our little studio apartment every year

would be interested to hear from anyone else who has paid a deposit on an apartment at the new hotel

8. Re: The New Savoy Hotel

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9. Re: The New Savoy Hotel

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Horncastle...
posts: 513
reviews: 2
10. Re: The New Savoy Hotel

There seems to be something very peculiar going on here! We now have a seemingly new poster called "my madeira" from Liverpool interested in this topic and promoting a website (albeit by private message). He is shown as only having one post so far.

But if you click on his name you will find he/she has made lots of postings, mainly on the other thread about Royal Hotel timeshare sellers plus an earlier one on this thread.

But all those previous postings were made by him under the name "madeira365" of Liverpool and ALL (including the one promoting a website) have been removed by TA "at the author's request".

Come on, Scouser, come clean and tell us what you're really up to!

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