Spanish Developer Spends £60m to Acquire London's Admiralty Arch, to turn it into a Luxury Hotel

After serving as an office block for nearly a decade, London's Admiralty Arch is set to be turned into a luxury hotel and restaurant with views over Trafalgar Square and Buckingham Palace.

The majestic gatehouse that was built as a memorial to Queen Victoria, was bought by Spanish developer Rafael Serrano for £60 million.

Nights in the historic landmark, won't come cheaply though; the new owner is also the man behind the Bulgari Hotel in Knightsbridge, where rooms cost from £850 a night. Wow, that's equivalent to N210,922.

Mr Serrano hope to attract over 50,000 guests a year to the hotel and more than 50,000 visitors for the views.

#Moneymatter