London’s Admiralty Arch, the iconic gateway between Trlgar Square and The Mall leading to Buckingham Palace, has been sold to a Spanish investor Prime Investors Capital. The company will convert the government building into a five-star hotel.
Rel Serrano, who has previously created the Bulgari hotel in Knightsbridge, will lead the project and plans to convert the space into a 100-room, five-star hotel with a ballroom, spa and restaurants. The iconic arch is set to be converted into a restaurant giving guests views of The Mall towards Buckingham Palace. Rooms are expected to start at £400 a night.
Newspaper The Financial Times reported the 99-year leasehold deal was acquired for £60m and is one of many property “disposals” the British Government is expected to make in a cost-cutting drive. It currently costs the government £900,000 a year to maintain.
The lease was owned by the Foreign and Commonwealth Office, originally used as the offices and residences for the Sea Lords of the Admiralty.
The 100-year-old Admiralty Arch was built as a memorial to Queen Victoria by her son Edward VII.
Photo: http://www.flickr.com/photos/nastia_/4077698049/sizes/m/in/photostream/
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