The much-loved classic Funchal is set for a new life as a hotel ship in London.

On Wednesday, Dec. 5 the ship was sold at auction for 3.9 million euro to Signature Living, which was represented by John Hanbidge of QPS Marine Ships/Cruise Ventures.

Four bidders got things going at the bank auction, with two ultimately dropping out in front of a crowd of around 60 people. 

“Signature Living and QPS Marine Ships have been negotiating for almost two years with the bankruptcy administrator and the main creditor for the purchase of the vessel,” QPS said, in a statement sent to Cruise Industry News.

As for the vessel, plans call for it to move from Lisbon to Central London where it will be berthed permanently as a hotel vessel.

QPS will act as a consultant in repositioning the ship and management functions as the ship is converted to a hotel.