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The Metropole Hotel has been sold to International Hotel Investment (IHI) for £130 million pounds, Property Week has reported.
The former Ministry of Defence site was sold by The Crown Estate and will be developed into a five-star hotel with 283 beds and luxury residential accommodation.
Charles Gardner, head of office portfolio at The Crown Estate said: "We were impressed by IHI’s track record and are confident that they will restore the once grand Metropole Hotel to its former glory."
He explained that the Malta-based investor has proposed to refurbish the building rather than build a new structure and retain only its façade.
The MoD owns significant amounts of property in the capital and its main offices in London are situated in Whitehall, next to the Thames.
Recent sales by the department to the commercial sector have included, Bentley Priory and Chelsea Barracks, both to be converted into residential accommodation.
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