NOT HAPPENING: Prime Investors Capital, the developer behind the Bulgari hotel in London’s Knightsbridge, has denied that it is in the late stages of negotiations with Giorgio Armani to develop a hotel within Admiralty Arch, the historic gatehouse in London that leads from Trafalgar Square to Buckingham Palace.

Earlier this month, a British newspaper published a report saying that the developers were in late stage discussions with Armani to establish a hotel in the landmark building, with rooms available from December 2015.

However, in a statement released to WWD, the investment company headed by Spanish developer Rafael Serrano said that “Although we have received interest from a number of hotel operators, it is categorically untrue that we are inadvanced stage negotiations with Armani or with any other hotel operator,” and added that it is, “fully committed to the planned sensitive restoration and enhancement of Admiralty Arch. We are working closely with HM Government toensure that this landmark building and its rich history are protected.”

A spokesperson from Armani also said that the report was categorically untrue.

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