The historic building on London's Trafalgar Square, Admiralty Arch, which is being converted into a luxury hotel, apartments, and private members club, has been agreed to be purchased by the Reuben Brothers, reports Bloomberg.

The seller is a Spanish developer Prime Investors Capital, owned by Rafael Serrano Quevedo. The developer was selected by the UK government as the preferred bidder for the building in 2012, acquiring a 250-year lease for £60 million.

The new 200,000 sq ft Waldorf Astoria brand hotel will be completed in 2024.