Admiralty Arch to be transformed into luxury hotel

London's Admiralty Arch is to be transformed into a luxury hotel after being bought by Prime Investors Capital (PIC) for £60m on a 99-year lease.

Admiralty Arch will be transformed into a luxury hotel
Admiralty Arch will be transformed into a luxury hotel

It will be the second hotel in the capital for PIC, which earlier this year opened the 85-bedroom Bulgari hotel in Knightsbridge, which is managed by Marriott.

PIC was founded by Spanish businessman Rafael Serrano in 2009.

The sale of the Sir Aston Webb-designed landmark Grade I building, which stands on the south west corner of Trafalgar Square and provides an entrance to the Mall leading to Buckingham Palace, is part of a government initiative to sell underused official buildings.

It will be transformed into a landmark hotel, with the building remaining in the ultimate control of taxpayers, as the Government has retained the freehold of the property.

To restore the Grade-I listed building, PIC is working closely with English Heritage and Westminster City Council.

Serrano said: "We will deliver the very finest hotel for London, with an unrivalled history and location."

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