The property was acquired by Principal Hayley Group – owned by Starwood Capital Group – which plans to convert the grade II-listed building into a luxury hotel with a spa, bar and fine dining restaurant.
The acquisition follows a wider £100m strategic repositioning of Principal Hayley Group’s iconic city-centre properties. The Royal York Hotel in York and The George Hotel in Edinburgh have both recently reopened following extensive renovations.
Tony Troy, CEO, said: “The Martins Bank building provides us with a strategically important presence in the heart of the Liverpool market, where there is a clear consumer need for a full-service luxury hotel and events space.
“Following a very successful year in 2015, we are looking forward to undertaking the redevelopment of this wonderful building – together with the development of our other key city centre ‘grand-dame’ hotels – and to sharing our exciting plans for the future.”
Work on the property, which will be Liverpool’s first potential five-star hotel and is expected to create some 200 full-time jobs, will start this year with an expected opening date of late 2017 or early 2018.