The Reuben brothers have acquired 54 and 55-57 Great Marlborough Street, W1, from Quadrum Global for around £61m.
The property, which is owned by Quadrum Global, comes with planning approval for an Eric Parry-designed four-star, 118-bedroom hotel with a public restaurant and bar, two shops and a terrace on the top floor.
The plans increase the available space in the buildings from 44,149 sq ft to 63,400 sq ft. Both are vacant, bar the leasing of the lower ground floor to a substation for London Power Networks.
In 2016, planning consent was granted for a 27-flat residential-led redevelopment at the site.
Michael Elliot and JLL advised Quadrum on the sale.
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