Billionaire Reuben brothers acquire hotel development at Admiralty Arch

The billionaire Reuben brothers have taken over the delayed hotel development at London's iconic Admiralty Arch building.

Motcomb Estates, the investment vehicle of David and Simon Reuben, has acquired the property, which stands at the entrance to the Mall leading to Buckingham Palace, from Prime Investors Capital (PIC).

Admiralty Arch was originally built as a memorial by King Edward VII to his mother Queen Victoria and was later used as government offices until 2011 when it was put up for sale.

PIC completed the purchase of the 250-year-old lease on the Grade-I-listed building in 2015 for £60m.

Two years later it was announced that Hilton would operate the hotel under its luxury Waldorf Astoria brand, with a view to welcoming its first guests in 2022. This is now expected to be delayed.

The hotel is due to feature three restaurants, a rooftop bar, private meetings and event spaces, and a spa. There will also be luxury private residence and a private members club.

The Reuben brothers, who were listed at number three on the Sunday Times Rich List 2022 with a fortune of £22b, have an extensive hotel portfolio among their wider property investments.

This includes the 31-bedroom Twenty Two hotel on Grosvenor Square, the Mondrian Shoreditch, the Lingfield Park Marriott Hotel & Country Club and the Hilton Garden Inn at Doncaster Racecourse.

The brothers, who bought Newcastle FC in 2021, are involved in two other hotel development projects in London: one to transform the former home of the In & Out Club on Piccadilly into a 102-bedroom hotel, and the other in Poland Street, Soho, which will be managed by Shiva Hotels.

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