The Metropole Building and 10 Whitehall Place in London have been sold to a consortium led by International Hotel Investments (IHI) for £130m.

The Malta-based IHI, which lists Istithmar Hotels as one of its principal shareholders, bought the former government offices from The Crown Estate to turn them into residential apartments and a five-star hotel.

Alfred Pisani, chair of IHI, said: “IHI and our partners 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 Building as a five-star luxury hotel, but above all, we are eager to becoming part of London’s vibrant hotel community and to working closely with The Crown Estate.”