London is to see the introduction of a new luxury, international hotel brand following the acquisition of the Arch London by Japanese group StayWell Holdings and its parent company Prince Hotels for an undisclosed sum.
The five-AA-stay, 82-bedroom hotel near Marble Arch will become the first property globally to operate under the Prince Akatoki brand, announced by StayWell Holdings in June.
The hotel will undergo a £3m refurbishment and rebrand in 2019 to create a hotel that the new owner said would "showcase the meeting of English heritage and global connectivity with the unique sophistication and hospitality of Japanese culture".
Sold by the Bejerano family's AB Hotels group, the Arch London opened in 2010 at a cost of £25m following the development of two former two-star properties, the Concorde and Branston Court, with seven Georgian Grade-II-listed townhouses and two mews homes.
Abraham Bejerano said: "Although we had no intention of selling the Arch London, which is a very successful award winning business, having been approached by Staywell Holdings and understanding their vision for the property, we made the very difficult decision to agree to the acquisition. "
"As a family run business we will all be very sad to hand over this wonderful hotel which we have seen blossom from its inception and are grateful to the entire team for the marvellous job in creating such a fantastic product and for their hard work, dedication, commitment and friendship. We are confident the Arch London will continue to thrive under the new owners."
Masahiko Koyama, president of Prince Hotels, said the launch of the Prince Akatoki in London will help "to transform Prince Hotels from a Japanese chain into a global chain".
Simon Wan, president and director of StayWell Holdings, added that the brand would bring to London a brand that offered "mindfulness, service, tranquillity and a peerless aesthetic".
StayWell Holdings' portfolio of 75 hotels worldwide operates under nine brands: the Prince Akatoki, the Prince, Grand Prince Hotel, Policy, Park Regis, Prince Hotel, Leisure Inn Plus, Prince Smart Inn, and Leisure Inn.
Ray Goertz, the current general manager of the hotel, will continue in his role.