Brothers Simon and David Reuben have been given the green light by Westminster City Council to turn 94 Piccadilly, W1, formerly the In & Out Club, into a hotel.
The plans will see grade II listed Cambridge House turned into a 102-bedroom hotel with four serviced apartments.
Westminster council’s chairman of planning Richard Beddoe said: “Cambridge House is architecturally unique.
“Once the most expensive home in the country, the Palladian-style 1750s town house has fallen into disrepair in recent years so it’s fantastic that this famous old building will be restored to its former glory.
“As a hotel, this historic building will be enjoyed by a new generation of visitors and take its rightful place as a landmark address on Piccadilly.”
The brothers bought the property for £100m in 2012 and had previously planned to turn the 60,000 sq ft property into the UK’s most expensive private residence. It would have been worth £250m.
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