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One of London’s most prominent landmarks is set to be reborn as a luxury hotel after a recent agreement between Prime Investors Capital and Waldorf Astoria Hotels & Resorts.

Admiralty Arch, an elaborate Edwardian monument spanning The Mall at the edge of Trafalgar Square, will carry the Waldorf Astoria name when it opens in 2022 after an extensive restoration.

Commissioned by King Edward VII in memory of Queen Victoria, the building first opened in 1910 and was originally a residence for the head of the British navy. It faces Buckingham Palace and has served as a headquarters for wartime intelligence efforts and an office for Winston Churchill.

In its new incarnation as Admiralty Arch Waldorf Astoria, it will offer 96 guest rooms and suites, as well as three restaurants. Plans include a rooftop bar with sweeping views across London’s skyline, private meetings and event spaces, and a luxury spa.

“This agreement marries the timeless elegance of Waldorf Astoria with the historic grandeur of one of London’s great monuments,” said Christopher Nassetta, the president and chief executive officer of the hotel brand’s parent, Hilton.

“Projects of this calibre are rare, and Admiralty Arch Waldorf Astoria will provide a truly unforgettable hospitality experience when it opens to guests.”

Prime Investors Capital outbid 28 institutional bidders from around the world to acquire a 250-year lease of the arch in 2015. As well as the hotel, it will also develop a series of private residences and a private members club within the arch.

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