UK: It has been reported that the Reuben brothers are planning a £180 million deal to fund the redevelopment of Admiralty Arch into a luxury hotel and apartment site.
The Reuben brothers have reportedly agreed the terms of a new loan with the owner of Admiralty Arch, Rafael Serrano, who heads up Prime Investors Capital (PIC), according to Sky News.
The deal will see the Reubens become a significant shareholder in the project.
It is claimed that the loan will replace an existing £110 million facility which the Reubens extended to Serrano last year.
News of the redevelopment was first announced in 2013. At the time, the hotel was slated to become Armani branded. In 2017, PIC appointed Waldorf Astoria as the operator of the hotel.
According to the Admiralty Arch website, 12 hotel groups expressed interested in managing the property. It is set to feature 100 rooms and suites, two restaurants and a spa.
Serrano was the developer behind the Bulgari Hotel & Residences in Knightsbridge.
