COMMENT: 5-star hotel is final piece in Portsmouth's economic jigsaw

For years we've shown the world we can host prestigious events and we have the iconic Spinnaker Tower to add to the jewels in our maritime crown in the Historic Dockyard. But what we haven't had on Portsea Island is a five-star hotel.

When we staged the 2015 and 2016 America's Cup World Series events, well-heeled visitors ended up having to stay out of town because there were no high-end places to book.

Well all that's changing now. We're delighted to report today that the city is finally getting its first ‘luxury' hotel after a deal was struck to sell off the former home of the Royal Marines Museum at Eastney.

New owner Grand Hotel Excelsior International Ltd has big plans to transform the site while retaining its period features (including the famous Yomper statue outside).

Finally the city will have somewhere suitably stylish to rival top hotels in Southampton and Winchester. Wealthy visitors to Portsmouth looking for five-star facilities will no longer be disappointed.

The hotel company's decision to invest in the city is a big vote of confidence - bosses wouldn't make that commitment if they didn't think the market was there.

There's great potential synergy with the cruise industry too, as passengers are encouraged to stay and spend in Portsmouth.

Selling the building is also great news for the National Museum of the Royal Navy. It means plans to build a new, state-of-the-art museum in the Historic Dockyard are much more likely to get off the drawing board.

So we look forward to the day when the first guest checks in at the hotel - and the new museum tells the story of the Commandos in a modern and exciting way.