Admiralty Arch, the grade I listed building on the corner of Trafalgar Square, is to become a luxury Waldorf Astoria hotel.
Prime Investors Capital, which is behind the development, has granted Hilton an estimated 35-year contract to operate the historic property under its most prestigious brand when its doors open in 2022.
The arch, commissioned by Edward VII in memory of his mother, Queen Victoria, and designed by Sir Aston Webb, was acquired by Prime Investors from the government in 2015 under a 250-year lease for 65m.
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