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Plans for the first Peninsula hotel in London have moved a step forward with the formation of a new partnership to develop a site overlooking Hyde Park and Buckingham Palace.
Property owner Grosvenor has signed a joint venture deal with Hong Kong and Shanghai Hotels (HSH), which owns and runs the Peninsula brand of hotels.
The new partnership will look to redevelop a 1.5-acre site in Grosvenor Place, close to Hyde Park Corner, which will include The Peninsula London. HSH has completed the purchase of a 50 per cent share in the site, which is currently a 1960s office block, for £132.5 million.
The two companies will now work together on designing and submitting a planning application for the redevelopment of the site.
Clement Kwok, CEO of HSH, said: “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.”
Peninsula has hotels in Hong Kong, Shanghai, Beijing, New York, Chicago, Beverly Hills, Tokyo, Bangkok and Manila, while a Paris property is currently under construction.
Grosvenor Britain and Ireland owns 300 acres of property in London’s prestigious Mayfair and Belgravia areas, and currently manages assets worth £4.8 billion.
Peter Vernon, CEO of Grosvenor Britain and Ireland, said: “We’re incredibly excited to be working in partnership with Asia’s longest standing hotel operator whose expertise will be invaluable to delivering an exceptional scheme in such a prominent location in central London.”