UMI LONDON LOOKS TO A RESIDENTIAL FUTURE
New York-based private equity group Angelo, Gordon & Co. has acquired the Umi London hotel from London-based Lowy Group for a price reported to be in the region of £30 million. The Grade II-listed, 116-room hotel is expected to be converted back to its original use as residential space. Angelo has appointed residential property developer Alchemi Group to manage the conversion of the building into 15 to 20 luxury flats. Alchemi plans to lodge planning permission for the project this May and, if approved, work on the scheme could start by the end of 2013.