Reading Time: < 1 minute
UK: Property investment and development company Royal Group has acquired the former NatWest Bank on Piccadilly to convert the site into its first London luxury boutique hotel.
Royal Group, led by Singaporean billionaire Asok Kumar Hiranandani, acquired the property at 63-65 Piccadilly for £65 million last month. The purchase was handled by investment advisers Michael Elliott.
A further £45 million will be invested in transforming the former bank into a 50-suite hotel. The £110 million project will be designed by architecture firm Ritchie Design Partners and is expected to be completed by the end of 2026.
Ramsay Ritchie, founding director of Ritchie Design Partners, said: “I’m delighted that RDP has been appointed to provide a combined architectural and interior design service, along with planning and heritage consultancy to restore this iconic London property. Thank you Daniel Rinsler for guiding us through the process.”
Hiranandani told Forbes Asia that the group had been looking for a site in London for the past decade. He also claimed that when open, the hotel could charge £1,000 a night.
In the wider Royal Group portfolio, the London hotel will join properties in Singapore including the recently opened Raffles Sentosa, as well as a project currently under construction dubbed the Casa Mett which is expected to open in early 2027, managed by Sunset Hospitality Group.
