Alrov in talks to buy Crown Estate property

The company plans to convert a historic building on Regents Street in London into a hotel.
controlled by Alfred Akirov, has reached an understanding with The Crown Estate to purchase a property on Regent Street in London for ₤90 million. The 24,000-square meter property, known as the "Cafe Royal" is being rezoned for a 160-room luxury hotel, as well as commercial space.

The Crown Estate manages more than ₤7 billion of property owned by the British royal family. The properties include, according the its website, "cityscapes, ancient forests, farms, parkland, coastline, and communities" throughout the UK and functions "as employer, influencer, manager, guardian, facilitator and revenue creator".