Great news for London: The Telegraph is reporting that historic landmark Admiralty Arch is to be turned into a luxury hotel after the government agreed to lease it out for £60 million.
The ceremonial gateway between The Mall and Trafalgar Square, which was built as a memorial to Queen Victoria, has been leased for 99 years to development company Prime Investors Capital, which is looking to transform the building into a five star 100-bedroom hotel complete with royal and presidential suites, a ballroom, spa and fine dining restaurant.
Residential apartments are also planned for the first and second floors on the north side of the arch.
The deal is dependent on Westminster City Council granting planning permission for the multi-million pound conversion of the Grade I listed building.