The go-ahead had been given for the development of the former Surrey home of Lord Beaverbrook into a world-class, five-star hotel.
Property and leisure operator Longshot expects to begin work in the autumn on transforming Cherkley Court, near Leatherhead, into a 48-bedroom luxury hotel with two restaurants, a health club, spa and cookery school.
The restaurants will include a brasserie in the former formal dining room of the main house, while a fine-dining outlet will be located in the Garden House.
Set in 380 acres, the Grade II-listed French château-style property dates back to 1894. The redevelopment will include an exclusive private members' golf course.
Longshot, set up in 1994 by Joel Cadbury and Ollie Vigors, has had interests in a range of restaurants, clubs and pubs. In 2010, it bought the Orchid Group's Bel & the Dragon pub business.
The one-time home of the Beaverbrook family was opened to the public in 2003, but the venture proved uneconomic and the property was sold to Longshot, off an asking price of £20m, in April 2011. Longshot then went on to buy the Mickleham Downs Estate, including 20 acres and cottages which were the former staff quarters at Cherkley Court.
By Janet Harmer
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