The historical London landmark Admiralty Arch is to be turned into a luxury hotel after the government agreed to lease it out for £60m.
The gateway has been leased for 99 years to development company Prime Investors Capital (PIC), which wants to transform the landmark into a five star 100-bedroom hotel with ballroom, spa and fine dining restaurant.
Proposals for redevelopment also include plans for royal and presidential suites, along with apartments.
The arch was built as a memorial to Queen Victoria in 1912. It was designed by Sir Aston Webb.
The developer said it did not have a “concrete time” for when the newly redeveloped hotel would be open for the public.
The redevelopment depends on Westminster council granting planning permission for the conversion of the Grade 1 listed building.
Rafael Serrano, CEO of Prime Investors Capital, said:
“We are committed to preserving the iconic status of Admiralty Arch and celebrating Sir Aston Webb’s historic design, while restoring, modernising and adapting it sensitively for a new use that will sustain its value for future generations.”
Cabinet Office minister Francis Maude said he was delighted that the building would raise £60m for the taxpayer.
“At present Admiralty Arch is not being used and is costing £900,000 a year to run. Rather than letting it fall into disrepair we are taking action. British specialists will work closely with English Heritage and Westminster Council to bring the Arch back to life. The restoration will bring jobs to London and beyond. The freehold of the building will remain in the hands of the public, ensuring they have a say in the future of this building forever.”
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