LONDON -- Admiralty Arch, a century-old stone archway and building that serves as the ceremonial gateway to Buckingham Palace, is to get a new lease on life as a luxury hotel, a government minister confirmed Thursday.
Built by King Edward VII to honor the long reign of his mother Queen Victoria, the arch has been leased to Spanish property entrepreneur Rafael Serrano, chief executive of the London-based investment company Prime Investors Capital. Serrano paid about $96 million for the 99-year lease.
From the top of the central archway on one side guests will enjoy a view toward Buckingham Palace down the Mall, the tree-lined avenue that is the traditional route of royal processions, including April’s royal wedding cortege of Prince William and his bride Catherine Middleton, Duchess of Cambridge. The other side looks down on Trafalgar Square, home to Nelson’s Column and a meeting point for public celebrations, rallies and protests.
It is the latest of the government property fire sales around Europe over the last two years that come amid austerity drives to tame massive deficits. In France and Italy, government-owned palaces and villas have gone to wealthy private investors. In Greece, state-owned buildings, marinas and ports reportedly are up for sale.