Cyril Stein, the former Ladbroke chairman, celebrating his new venture, the St James's Club

Cyril Stein, the former Ladbroke chairman, celebrating his new venture, the St James's Club, which re-opens in London's West End today.

Mr Stein acquired the club from Queens Moat Houses, the troubled hotels group, for £6m in November. He has since spent £4m on refurbishments, expanding the residential club to 60 suites with dining rooms, and a gym. Suites, complete with marble bathrooms, start at £140 a night.

Mr Stein, 67, left Ladbroke early last year after 27 years. He said yesterday: "I'm not the retiring kind, and I needed a new challenge."