New London lease to secure hotel jobs

28/08/2008 17:27:10

A new hotel is set to create local jobs after a company signed a 125-year lease on a London building.

Israeli hotel group Alrov has signed the deal on the Cafe Royal block in the Regent Street area where it plans to build a five-star hotel, reports PropertyWeek.co.uk.

The firm has revealed the new project, which is set to create hotel jobs, will include spa and gym facilities, a restaurant, bar, 160 bedrooms and 16,000 sq ft of shopping space.

It is thought the deal is worth around £90 million with the block being part of Crown Estate's £750 million revamp of the area.

Georgi Akirov, managing director of the firm, told the source: "The Cafe Royal deal is a major step towards our goal of creating and managing a significant portfolio of world-beating luxury hotels."

He added the firm hopes to expand in London as well as Paris, Rome, Milan, Madrid, Barcelona and New York, to cater for booming tourism trade in those cities.

The company completed a deal to create another luxury hotel in Amsterdam last week, the website reports.

When the lease was suggested earlier this year Mr Akirov said the firm aimed to develop the area to "enrich the heritage" of it, Crown Estate reports.

Hospitality Jobs in London

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