The historic building located in the center of Funchal, which served as headquarters for financial institutions like Caixa Económica, Banif, and Santander, will be completely renovated and transformed into a luxury boutique hotel.
The project aims to revitalize the property after years of being vacant, preserving its original architectural facade and heritage identity while adapting the interior for high-standard rooms and exclusive services.
Owned by the Associação de Socorros Mútuos 4 de Setembro, the property has been leased for 30 years to the Portuguese group FLH – Feels Like Home, which will pay a monthly rent of 30,000 euros. Construction, expected to finish 18 months after licensing approval, is set to boost the local economy.
