Source: standard.co.uk
Admiralty Arch is to become the most exclusive hotel in London.
A deal being signed tonight will see the Grade One listed building, which looks out on Buckingham Palace and Trafalgar Square, leased for more than £60 million to a Spanish developer, Rafael Serrano, who recently built the Bulgari Hotel in Knightsbridge, west London.
It means tourists with very deep pockets will be able to request a room with a view of a future royal wedding procession or one with Nelson’s Column outside the window.
Developer Rafael Serrano has won a bidding process against rivals who included the billionaire Reuben brothers and consortia backed by Abu Dhabi and Qatar. He is expected to gain a long-term lease but will have to invest tens of millions of pounds on alterations.
One of the conditions of sale was that it not be turned into apartments, or a single occupancy building. Furthermore, considerable restoration work will be required to turn the grand building into a first rate hotel. Many of its rooms have run a little into disrepair since Edward VII commissioned it as a memorial for his mother Queen Victoria.
Admiralty Arch is to become the most exclusive hotel in London.
A deal being signed tonight will see the Grade One listed building, which looks out on Buckingham Palace and Trafalgar Square, leased for more than £60 million to a Spanish developer, Rafael Serrano, who recently built the Bulgari Hotel in Knightsbridge, west London.
It means tourists with very deep pockets will be able to request a room with a view of a future royal wedding procession or one with Nelson’s Column outside the window.
Developer Rafael Serrano has won a bidding process against rivals who included the billionaire Reuben brothers and consortia backed by Abu Dhabi and Qatar. He is expected to gain a long-term lease but will have to invest tens of millions of pounds on alterations.
One of the conditions of sale was that it not be turned into apartments, or a single occupancy building. Furthermore, considerable restoration work will be required to turn the grand building into a first rate hotel. Many of its rooms have run a little into disrepair since Edward VII commissioned it as a memorial for his mother Queen Victoria.
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