Liverpool to open first 5-star hotel

Liverpool is to open its first five-star hotel after Principal Hayley Group acquired the Martins Bank Building along with its current owner, Castlewood Securities, for around £50m. Principal Hayley plans to transform the Grade II listed property on Water Street into a 227-bedroom luxury hotel with a spa, bar and restaurant. Castlewood Securities, which has owned the building for 20 years and has planning and listed building consent for the proposed development, has been acquired as part of the deal.           The classical building was designed and built by Herbert James Rowse in 1932 and was used to hide much of the UK’s gold reserve during the Second World War in case of a Nazi invasion. A plaque outside the building commemorates the operation to transfer the gold to the bank’s vaults in heavily guarded trains, as dramatised in the Emmy-winning film, The Bullion Boys. The refurbished building is expected to open in late 2017 or early 2018. Principal Hayley’s chief executive Tony Troy said the acquisition gave the group an important presence in the heart of Liverpool, where there was clear demand for a full service luxury hotel. Joe Anderson OBE, Mayor of Liverpool, said the scheme would be a landmark development for the city and was a signal of its growing reputation as a global tourist destination and as a centre for exhibitions and conventions. To send feedback, email louisa.clarence-smith@estatesgazette.com or tweet @LouisaClarence or @estatesgazette