An ambitious scheme to turn London’s famous Admiralty Arch into a luxury hotel, serviced residences and a private club is in need of more finance, a report says.
Quoting anonymous sources Bloomberg says that developers Prime Investors Capital have appointed broker Jones Lang LaSalle Inc to source new finance for the £500m development to create The Admiralty Arch Waldorf Astoria in the building.
Prime Investors Capital secured a 250 year lease on the building, once occupied by Ministry of Defence and other government offices, in 2015 and work on conversion and renovation started in 2017. It is anticipated the new hotel will open in 2021 or 2022.
A number of high profile London public buildings have found new uses as hotels in recent years and this is most likely one of the most demanding conversions, and will become one of the most exclusive properties. Observers, however, might wonder why, and what for, the extra money is needed at this stage.
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