Property tycoons Simon and David Reuben have been given the green light to convert 94 Piccadilly into a hotel.
The billionaire brothers bought the Grade I-listed property and former gentlemen's club in London's Piccadilly and six surrounding buildings, known as the Piccadilly Estate, for £130m in 2011. They won planning consent to convert them into a 60,000 sq ft, £250m private home in 2014. However, earlier this year they revealed new plans for a 102-bedroom luxury hotel for the site.
Originally constructed as a residential dwelling, the 18th-century mansion operated as the Naval and Military Club from 1865 to 1999. It has always been affectionately known as the ‘In and Out Club' due to the ‘In' and ‘Out' signs for vehicles passing into the courtyard in front of the building.
In recent years, the property has accommodated temporary food and drink outlets.
A planning application lodged with Westminster City Council revealed plans to turn the site into a "high quality" hotel, provisionally called the ‘In and Out hotel', plus four residential units.
Architects PDP London outlined details for a basement-level spa to incorporate a gym, swimming pool and wellness facilities; a bar, restaurant and wine bar; and banqueting and meeting rooms.
Westminster City Council chairman of planning, councillor Richard Beddoe, said: "Cambridge house is architecturally unique. Once the most expensive homes in the country, the Palladian-style 1750s town house has fallen into disrepair in recent years so it's fantastic that this famous old building will be restored to its former glory. As a hotel, this historic building will be enjoyed by a new generation of visitors and take its rightful place as a landmark address on Piccadilly."
The Reuben brothers, who declined to comment on the news, are listed in third place in The Sunday Times Rich List 2017 with an estimated fortune of £14b. Their investments include a 10.6% stake in luxury hotel company Belmond and a 50:50 joint venture with Park Plaza Hotels to develop a art'otel in Hoxton, London.
Two years ago the brothers secured a £305m loan on the five-AA-star, 494-bedroom Grosvenor House hotel, alongside a further £304.14m loan for the Plaza and Dream Downtown hotels in New York.
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