Ham Yard will be turned into a hotel and small residential area, with the new owners, Fimrdale Hotels, telling Event the hotel will be equipped with private event spaces.
"This is our most exciting project to date. We will be creating a thrilling public space with a new access point for Soho from Great Windmill Street to Denman Street," said Firmdale chairman Tim Kemp. "This will add to the already vibrant atmosphere Soho offers and will underpin Firmdale's support for the Soho area."
Firmdale said the decision to expand was "prompted by an unsolicited approach to buy [the Firmdale-owned] freehold Knightsbridge Hotel and Number 16 in South Kensington".
Early negotiations have commenced to sell both hotels on a sale and leaseback basis for £56m.
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