The Reuben Brothers have acquired a site in London's Soho to transform it into a hotel.
The property tycoons have bought 54 and 55-57 Great Marlborough Street from private equity firm Quadrum Global for an undisclosed sum with planning permission for redevelopment into a hotel, restaurant and bar.
The brothers also acquired 47, 48 and 49-50 Poland Street, which were retail and office buildings, and land to the rear of 54-55 Great Marlborough Street in August from the Shiva Hotel Group, which also has consent for hotel development.
The intention, subject to the granting of planning permission, is to merge the sites to create a 200-bedroom luxury lifestyle hotel with substantial restaurant and retail space which would be operated by Shiva.
The property will be operated under a new brand from Shiva Hotels, alongside yet-to-be-announced hotels in Marylebone Lane, Covent Garden, Buckingham Gate and Holborn.
Rishi Sachdev, managing director of Shiva Hotels, said: "We are delighted to be working with the Reuben family on this joint venture. We are looking forward to adding another truly great central London location to our soon-to-be revealed luxury lifestyle hotel brand."
JLL and Michael Elliott advised Quadrum Global on the sale.
Jonathan Goldman, senior vice-president of hotels and hospitality at JLL, said: "We were pleased to support Quadrum Global through this sale which is another example of the current strength of the London hotel market."
Mark Shipman, partner at Michael Elliott, said: "We are delighted to assist and advise Quadrum Global in executing their business plan and disposing of this prime Soho development opportunity."
Reuben Brothers are the largest shareholder in the Belmond luxury hotel group. Their UK portfolio includes the Lingfield Park Marriott Hotel & Country Club in Surrey, the In & Out private members' club on London's Piccadilly, the Curtain hotel in Shoreditch, and the Hilton Garden Inn Doncaster Racecourse.