The group behind London landmark restaurant The Wolseley are to develop a top-end 85-bedroom hotel in Mayfair. Rex Restaurant Associates, headed by entrepreneurs Chris Corbin and Jeremy King, have lodged a planning application for the new venue, which is situated on Balderton Street, between Oxford Street and Grosvenor Square. The Art Deco building, which was built in 1926 and most recently let to Avis, the car rental firm, will house a 125-cover restaurant and 65-seat bar. Corbin and King are 30-year veterans of the restaurant industry. They created The Ivy and Le Caprice restaurants before selling them in 1998. They have reportedly been on the hunt for a central London hotel project for some years and plan to re-create the same sort of guest experience as The Wolseley.