Tel Aviv-listed Alrov Group is to develop a 160-bed, five-star hotel at the Cafe Royal block on the southern end of Regent Street in Central London. The group, controlled by Israeli real estate businessman Alfred Akirov, signed a 125-year lease for Cafe Royal with The Crown Estate on Sunday.
Tel Aviv-listed Alrov Group is to develop a 160-bed, five-star hotel at the Cafe Royal block on the southern end of Regent Street in Central London. The group, controlled by Israeli real estate businessman Alfred Akirov, signed a 125-year lease for Cafe Royal with The Crown Estate on Sunday.
The redevelopment is part of The Crown Estate's Quadrant scheme and will also include 1,500 m2 of prime retail space at ground and basement level.
The Quadrant is a 93,000 m2 built area, mixed-use redevelopment of the Café Royal, Regent Palace Hotel and Quadrant Arcade blocks. David Shaw, head of Regent Street strategy and development at The Crown Estate, said: 'The Quadrant development's potential for regenerating the southern end of Regent Street has been reinforced today by Alrov's commitment to develop the Café Royal in line with our proposals.'
CBRE Hotels, CBRE's planning team and SJ Berwin acted for The Crown Estate. Clay Street Property Investment Consultants acted on behalf of Alrov.
Alrov Group, which has a market capitalisation of over $1.1bn, is a developer and owner of luxury hotel and other property in Israel and Europe. The company is seeking to expand further by purchasing hotels in major cities in Western and Central Europe, and New York. Alrov says it may also consider opportunities in Eastern Europe.
