Historic Savoy Hotel Sold to New Owner but Will Continue Trading

The Savoy hotel has been sold to an unnamed buyer, with assurances that the property will continue operating as a hotel despite previously being marketed as a potential residential development.

The Lora family, who have owned the hotel since 1993, had initially submitted a planning application in 2021 to redevelop the site into 55 flats. The proposal was refused at the time, but following an appeal in 2024, permission for the development was granted.

Although the final sale price has not been disclosed, the hotel was placed on the market last year with an asking price of £6.25 million.

Roberto Lora welcomed the outcome, saying: “We are particularly delighted that the hotel will continue running to serve the island’s tourism and hospitality industry.”