London Admiralty Arch Waldorf Astoria Project Seeks New Finance
- Prime Investors Capital bought lease from government in 2012
- Hotel on Trafalgar Square is scheduled to be ready in 2021
Admiralty Arch in London.
Photographer: Peter Macdiarmid/Getty Images
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The owner of London’s Admiralty Arch has hired advisers to secure new financing for the project to transform the historic building into a luxury Waldorf Astoria hotel, according to people with knowledge of the plan.
Prime Investors Capital has appointed broker Jones Lang LaSalle Inc. to source new finance for the 500 million-pound ($634 million) development, which is scheduled to finish in 2021, said the people, who asked not to be identified because the process is private. The Admiralty Arch was commissioned in memory of Queen Victoria, and was used by the Navy and the Ministry of Defense until 1994.