The London arm of Qatari investor Business Trading Company (BTC) has purchased the former Bow Street Magistrates Court in Covent Garden, London.
The Grade II-listed asset, which was acquired by Austrian hoteliers Rudolf and Christian Ploberger for £65 mln (€72 mln) in 2008, has already received planning permission to turn it into a 100-room hotel.
BTC UK managing director Mehdi Ghalaie said he was focusing on 'delivering a world class boutique hotel that befits the history of this landmark building'.
The Magistrates Court, built in 1881, ceased its legal operations in 2006 before being sold into private hands.
The conversion is expected to create a property with a gross development value exceeding £125 mln (€139 mln).
