London’s historic Admiralty Arch is to become a luxury hotel after the government agreed to lease the building out for £60 million.
The ceremonial gateway, between Trafalgar Square and The Mall, has been leased for 99 years to development company Prime Investors Capital.
It wants to transform the Grade 1 listed building into a five star 100-bedroom hotel with ballroom, spa and fine dining restaurant.
Building of the arch, a memorial to Queen Victoria, was completed in 1912.
Redevelopment proposals include plans to build royal and presidential suites as well as residential apartments.
The developer said it did not have a “concrete time” for when it hoped to open.
The transformation is dependent on Westminster City Council granting planning permission for a multi-million pound conversion, the BBC reported.