It is a huge responsibility to be leading the conversion of London’s historic 1912-vintage Admiralty Arch into a unique 100-room hotel, said Rafael Serrano, CEO of Prime Investors Capital (PIC).
In October 2012, Serrano’s company was granted a 125-year lease (extended June 2015 to 250 years), from the UK government on the building that is the core of St. James’s and Whitehall, at the southwest corner of Trafalgar Square. Drive through its three big arches, and along The Mall, and you quickly reach Buckingham Palace.
“This will be an iconic hotel. We have location and the building, which has always been, and will be, timeless,” said Serrano, who benchmarks with such other one-off historical hotels such as Belmond Copacabana Palace in Rio de Janeiro, Claridge’s in London, and the Waldorf Astoria, New York City.
Admiralty Arch was commissioned by King Edward VII in memory of his mother, Queen Victoria, and it became the Royal Navy’s headquarters, and then cabinet offices. “Now, as well as bedrooms, to include 38 suites, we will have a first-class spa, a private members’ club and a bar-restaurant on the top floor above the arches with the best view in London,” Serrano shared.
Admiralty Arch will also have a museum, plus the world’s leading library of hotel memorabilia. “I am already collecting books by hoteliers, books on hotels, even design books and cookbooks, anything that is hotel-related,” Serrano said, appealing for contributions. “I believe in giving back. The library is for students to come, any time. Our public spaces will be welcoming to all ages. Some will, of course, come for our restaurants and bars.”
Why is a former investment banker into hotels? “I am passionate about property and the connection between buildings and humans, and connecting the two. Once I have done this I may well do something in my native Spain,” Serrano declared.
It will be a couple of years before opening the London hotel, but he has a permanent team of specialists working nonstop. David Mlinaric, known mostly for royal palaces, London’s Royal Opera House and private residences, is lead designer. Former Four Seasons London and The Savoy GM Ramón Pajares is hotel advisor.
Serrano sends his team off to benchmark with today’s leading hotels, wherever, taking notes that would impress any quality assessor. A model room will finally be ready mid-2016. Yes, it is all very expensive. “I have been very lucky to be connected throughout my investment career with partners who trust me. I am putting this deal together, and I have invited others to be involved in what will make Admiralty Arch a uniquely desired destination,” he said.
In team meetings Serrano is always on maximum adrenalin, as if conducting an orchestra of prima donnas. There are continual interruptions to talk to every luxury hotel group desperate to put their name on the hotel. “I have not decided, I am still not sure whether Admiralty Arch needs a brand, but it is flattering to have so much interest,” he admitted.
Born in Madrid, Rafael Serrano has always been attracted by the meritocracy of England and its respect for professionalism. He gained postgraduate finance and investment certificates from London Business School, a business and management diploma from Oxford University, and a Master of Arts, with Honors, from the Faculty of Law of the University of Madrid. He was a capital markets and international fund management investment banker at J.P. Morgan, both in London and Wall Street, before joining in 2002 Focus Investment Group in Europe as managing director.
Serrano founded Prime Investors Capital in 2009 and led the funding and development of The Bulgari Hotel London.