The old Savoy Hotel at the top of Rue D’Argens, right where Gzira meets Sliema, is an iconic building, recognisable from a distance by most. In fact, the building, even after decades of neglect, still lends its identity to the entire area, which is popularly referred to with the same name.
All those who have fond memories of The Savoy will be delighted to learn what Exalco Group has in store for the building, as it is promising to renovate and redevelop it to its former glory.
“It has not been an easy ride, but thankfully we are here, and are determined to make of this gem the shining beauty it deserves to be,” says Exalco CEO Alex Montanaro.
Originally known as Villa West End, but renovated as the Savoy Hotel in 1904, the building was a landmark for the entire area at a time when hotels in Malta were very few and far between. Throughout its long history, it had its close calls with destiny, perhaps most dramatically when it was hit by enemy fire during the Second World War, but luckily the explosive device did not detonate. Similarly, the building escaped complete destruction in 2019 when it was at the centre of an arson attack. Luckily timely action saved the day.
In recent years, the Savoy Hotel has been at the centre of a long-drawn court case, as its multiple co-owners failed to find a solution that kept everyone happy. Finally, the building was put on Judicial Auction, with Exalco Group obtaining 100 per cent ownership of it, opening a new glorious chapter for the edifice.
“Sadly, while all this was taking place, the once majestic landmark, as well as the surrounding grounds were left to rot, as they fell in decay, becoming an eyesore and a shelter for abuse,” describes Mr Montanaro. “So naturally, Exaclo Group has quite a tall order in front of it, as we promise to deliver a prestigious Business Centre with the scheduled Savoy building being restored both externally and internally.”
The development will include a cafeteria at ground floor, a pedestrianised terraced square, landscaping and an underground car park. The development shall also comprise much needed open spaces, plenty of greenery and restored boundary walls and gates.
The fuel station which is currently located a few metres away down the road will be removed, adding more open space surrounding the building, and leading to the pedestrianised square which will be open during business hours for the enjoyment of the community.
Exalco Group wanted to make sure that all stakeholders involved were on board as they wanted the new Savoy to be a project that contributes to the community and the aesthetics of the area.
“Prior to formally applying for the development permit and submitting our plans to the competent authorities, we shared them with environmental NGOs, the Local Councils of the surrounding localities, the Planning Authority, and PA Consultees. As we sat down and explained our ambitious vision, we were delighted to note that our proposal was very well received!” Mr Montanaro proudly notes.
“The investment will be substantial, running into several millions of Euro. We want to convert the property into something truly remarkable – a unique business centre that will bring the building back to life, while committing to sustainable, environmentally-friendly and socially enhancing values. Our intention is to transform the derelict Savoy property into a beautiful landmark that will once again be a source of pride for Sliema and Gzira.”
The Savoy Business Centre is set to be the seventh in Exalco Group’s chain of prestigious Business Centres in prime locations around Malta. The Group has been operating office buildings and Business Centres since the late 1980’s, and thus has a wealth of experience in the industry.
Our mission since way back in the 1980s has always been to provide personalised services to our tenants and establish long term relationships. We are confident that the Savoy Business Centre will be another success story, offering quality office and commercial spaces.
