The Crown Estate has confirmed that it has sold the Café Royal on London’s Regent Street, W1 from Alfred Akirov’s Alrov Group for £90m.
The Israeli quoted property companies has bought the 125-year lease to the block for redevelopment as a five-star hotel.
Plans 160 rooms and suites, spa and gym facilities, a restaurant, bar and 16,000 sq ft shops.
The Café Royal forms part of the Crown Estate’s 1m sq ft Quadrant regeneration plans for the southern end of Regent Street by Piccadilly Circus.
In Israel, Alrov owns several flagship properties, including the 384-bedroom David Citadel hotel in Jerusalem, the Sharon Mall in Netanya, and, in Tel Aviv, the Opera Tower, Europe House, Sotheby’s House and Alrov Tower.
David Shaw, head of Regent Street strategy and development at The Crown Estate, said: “This commitment and investment from Alrov in the Quadrant scheme demonstrates the strength of Regent Street as a location for business.”
Georgi Akirov, managing director of Alrov’s luxury hotel business said: “We look forward to delivering a world class hotel in this exciting location, in time for the 2012 London Olympics.”
CBRE Hotels and CBRE’s planning team acted for The Crown Estate; Clay Street Property Investment Consultants represented Alrov.
