A source close to the project told the Enquirer: “Usually this sort of situation ends up in a flurry of writs as the client goes after the contractor for cost overruns.

“But that’s not the case here because the client realises cost rises and delays have been caused by the state of the original building.

“The job was priced on a certain basis but when work started it soon became apparent that the original structure was in such a poor state that a stack load of extra work had to be done and that means taking more time and spending more money.

“The result will be an amazing building which everyone has had to work harder and longer on to ensure it’s worthy of the Savoy name. I think the client won’t go after the contractor for the increases.”

Refurbishment costs are believed to have nearly doubled from the original £100m estimate.

The Savoy was originally due to open last year but will now welcome its first guests on October 10.

Mace was drafted-in last summer to oversee completion of the scheme where Chorus is the main contractor.

Kiaran MacDonald, Savoy General Manager said: “It is fair to say that this project has not been without its challenges, but we are looking forward to unveiling the results of nearly three years of hard work and dedication.”

Chorus has overseen a team of over 1,000 craftspeople to create interiors that are in the spirit of the hotel’s two main design aesthetics, Edwardian and Art Deco.

Tony Dowle, Director of Chorus’ parent company, Byrne Group said: “This has been a once in a lifetime project to work on.

“Everyone who has worked with us at The Savoy has taken great pride in restoring such an iconic property.

“Their dedication and commitment has produced a hotel of uncompromising quality and we hope that the hotel’s guests will continue to enjoy our work for years to come.”