The owner of the Peninsula hotel brand, Hongkong & Shanghai Hotels (HSH), has unveiled plans to launch its first property in London.
An agreement signed with UK-based Grosvenor will see HSH purchase a 50% interest in the central London address, 1-5 Grosvenor Place, and redevelop the site as a Peninsula Hotel. The deal is valued at GBP132.5 million (US$202.1m).
“London is one of the world’s most important financial centres and a key international gateway city for business tourism. This project is consistent with our group’s long term strategy, representing our desire to further expand in Europe,” said Clement KM Kwok, managing director & CEO of HSH.
While specific details about the new Peninsula London have not been released, the property will form part of a new mixed-use development covering more than 6,000m². The site overlooks London’s Hyde Park and is located opposite the gardens of Buckingham Palace.
Grosvenor and HSH said they will now work together to design and submit a planning application for the development of the site.
HSH is also currently developing its first Peninsula Hotel in Paris – a project that will mark the company’s entry into Europe.
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