London's Historic Admiralty Arch Gets a Luxury Rebirth
The Admiralty Arch was built is 1912 as a remembrance monument to remember Queen Victory. For one century, the building was used as "the base for the First Sea Lord" . He was the leader of the Royal Navy. Also, the building was used as the offices for the Admiralty. Unfortunately after the century ended, the British Government realized that the building was enormous for its purpose and decided that the building should be placed for sale. Rafael Serrano, a Spanish Real Estate Developer, bought the building in 2015 for $98 million with the intention of doing a luxurious renovation. The renovation consists on creating a 96 room hotel with 4 apartments, where permanent residents can live. Serrano expects to open the hotel in 2020, but has been "discreetly targeting ultrahigh net buyers".
The hotel transformation is in the introduction stage of the life of a new a product because promotion is necessary to inform potential buyers about staying in the hotel or living in one of the apartments. I think that Rafael Serrano did a good job starting to informed people about his hotel because even though it will open in 2020, Serrano has begun targeting customers, those who can afford to buy a $200 million apartment in London. It is a good start to getting the word out there of what the renovated building has to offer and informing people who could be interested. Since educating customers requires time, sales once they start in 2020, will be slow as people are more aware of what the new Admiralty Arch has to offer.
https://www.wsj.com/articles/londons-historic-admiralty-arch-gets-a-luxury-rebirth-1510154110
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