UK based Galliard Homes signed an agreement with Abu Dhabi based Lulu Group International for transforming the original Scotland Yard police station into a new five-star luxury London hotel.
According to the £110m deal, the property developer will create an 8,500m² hotel within the refurbished Edwardian building at 1-5 Great Scotland Yard in Whitehall.
Once completed, the hotel will reportedly reach a height of seven storeys, along with two basement levels.
It is expected to retain features of the old structure, including Edwardian Imperial red bricks and stone façade with arched main entrance, ornate pediment, and tall windows with brick and stone detailing.
Refurbishment costs for the historic building are expected to be £50m.
The redesigned hotel has been scheduled to begin commercial operations from the first quarter of 2017.
Onsite construction for the project has already progressed, with 30% nearing completion. Interior fit outs for the hotel is expected to start from March next year.
Galliard managing director Don O'Sullivan was quoted by The Guardian as saying: "The Great Scotland Yard Hotel will be a brand synonymous with exceptional service and refined luxury and quality."
In addition, Twenty14 Holdings, the hospitality unit of LuLu Group, has announced plans to open a five-star hotel in Dubai.
The luxury hotel, located in Dubai's Business Bay area, will have 365 rooms and will be operated by Germany based Steigenberger Hotels.