A little while ago we announced that the Admiralty Arch between Trafalgar Square and The Mall was up for sale, now a deal has been done to rent it out and it is due to be turned into a luxury hotel.

The government have agreed to lease it out for £60m for 99 years so that development company Prime Investors Capital (PIC) can create a five star 100-bedroom hotel complete with ballroom, spa and fine dining restaurant.

As part of the hotel there will also be royal and presidential suites as well as residential apartments created within the arch that was originally built for Queen Victoria in 1912.

There are currently no opening dates.