The new owners of London department store Selfridges are planning to add a luxury hotel and serviced apartments to the Oxford Street property, according to reports in the Financial Times.
Austrian real estate group Signa and Thailand's Central Group agreed to buy the retailer, which has 18 department stores across England the Netherlands and Ireland, in a £4 billion deal at the end of last year.
Speaking with the FT, Signa’s executive chair Dieter Berninghaus said that developing hotels and apartments would mean “significant value upside potential” for the new owners.
The London flagship was previously home to a hotel, which shut its doors in 2008.
Signa has mainly operates in the real estate, retail and media business sectors and has around. Its real estate portfolio is valued at more than €24 billion and it owns a number of hotels , including Hotel Bauer Palazzo in Venice.
Central Group, which is controlled by the Chirathivat family, is Thailand’s biggest department store operator.