Prime Investors Capital Ltd. has tapped Jones Lang LaSalle Inc. to obtain new financing for a £500 million project that will convert the Admiralty Arch in London into a Waldorf-Astoria luxury hotel, Bloomberg Markets reported, citing people familiar with the plan.

The restoration of the historic building remains on schedule for completion and for the hotel launch in 2021, the news outlet wrote, citing an emailed statement from Prime.

Restoration work at the building, which sits on Trafalgar Square and has a direct view of Buckingham Palace, started in 2017. Waldorf Astoria, a brand owned by hotel giant Hilton Worldwide Holdings Inc., will operate the proposed 96-room hotel and will be called Admiralty Arch Waldorf Astoria, according to the building's website.

Neither representatives from Hilton nor JLL commented on the matter, according to the report.