The Crown Estate has sold the Metropole building and 10 Whitehall Place overlooking the Thames in London’s West End for £130m.

A consortium led by International Hotel Investments (IHI) – and including Istithmar Hotels and LFICO – proposes to transform the 400,000sq ft (37,160sq m) site into a five-star hotel with 283 bedrooms alongside luxury residential apartments.

Hotel developer and operator IHI operates 15 hotels across Europe.

Alfred Pisani, IHI chair, said: “We are very much looking forward to establishing a presence here in London – as investors, developers and operators of the Corinthia Hotels brand.

“We are excited about our plans for the refurbishment of the Metropole as a luxury hotel, but above all we are eager to becoming part of London’s vibrant hotel community.”