Singaporean Royal Group has acquired the former NatWest bank building in Mayfair, London for £65 million.
Royal Group, owned by billionaire Asok Kumar Hiranandani bought the Grade II listed building located at 63-65 Piccadilly and plans to spend £45 million to turn it into a luxury boutique hotel with 50 suites.
The £110 million project is the company’s first venture into the London hotel market. Royal Group already owns several hotel assets across Singapore and Malaysia including the Raffles Sentosa Resort & Spa Singapore and the DoubleTree by Hilton in Kuala Lumpur.
UK architects Ritchie Design Partners has been selected to design the hotel, which is set to be completed by the end of 2026.