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25 October 2012, 11:40
One of London's most famous landmarks is being transformed into a luxury hotel.
The lease on Admiralty Arch, between Trafalgar Square and the Mall, has been taken by a Spanish property developer at the cost of £60 million.
The Government says leasing Admiralty Arch will provide value for money for the taxpayer.
Prime Investors Capital (PIC) wants 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.