Robert De Niro, the Academy Award-winning actor, has scrapped plans for a luxury hotel in London’s Covent Garden.
In 2016, the Taxi Driver and Godfather actor was given the green light from Westminster Council to build a new 83-room Wellington Hotel with spa, members’ club and restaurant.
Robert De Niro was set to be the joint operator of the project alongside BD Hotels, founded by real estate gurus Ira Drukier and Richard Born who run the Greenwich in Manhattan’s fashionable Tribeca district.
But BD Hotels told the Evening Standard the scheme would not be going ahead.
Drukier said “a changing economic picture” made the project “marginal”. He added that “if the economics were to change we would be very happy to move forward”.
The hotel was due to take up an entire block on the Strand side of Covent Garden across six Victorian and early 20th-century buildings.
Covent Garden’s main landlord, property firm Capco, said: “We have not reached satisfactory commercial terms with BD Hotels. The Wellington is a unique investment opportunity and we are reviewing our plans, which include proposals for office and retail space.”
London is one of Robert De Niro’s favourite cities to invest in. Last year, the property mogul opened the Nobu hotel in Shoreditch, along with co-founder Matsushisa Nobu.
“London is one of the most exciting and cosmopolitan cities in the world,” De Niro said at the time.
Earlier this year, he put his flat in Southwark, in the converted Hartley’s jam factory, up for sale for £1.6 million.