Half-Finished London Hotel Project Goes Into Receivership
Filed under: Journeys, Real Estate Developments
It's a rough time to be an architect. This economy has led to many projects being scrapped before they get built and others halted in the midst of construction. Another in the long list of ones stopped midway through is the half-completed hotel on the Strand in Central London. Building UK reports that the project, which halted construction at the end of last year, is now in receivership. This project was designed by Foster + Partners, Lord Norman Foster's firm, and was being developed by Spanish developer Urvasco on a site that was once the location of Citibank House. PricewaterhouseCoopers has been appointed receiver on the £25 million project which was to include a five-star hotel and 79 luxury apartments. Right now the receiver is evaluating the property with an eye toward preparing it for sale.
