Nakheel Hotels of Dubai, the Libyan Foreign Investment Company, International Hotel Investments and a Maltese investment group secured the Barclays loan for the hotel, which will be run by Malta-based Corinthia Hotels.
The creation of luxurious event spaces has been confirmed, along with some 300 rooms and penthouses with views across Trafalgar Square, Whitehall and the Thames. The adjoining property, 101 Whitehall place, will also be converted with an Espa spa.
"We are expecting a great number of visitors, despite the recession," a spokesperson for Corinthia told Event. "When the work is finished we will be looking at one of the top hotel spaces in London."
Corinthia Hotels currently runs hotels in locations including St Petersburg, Lisbon, Malta and Prague.
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