Clear
0 Selected+
Filters
Air
Cruise
Agencies
Operators
Technology
Destinations
Luxury
City and finance
Skills
Regulation

Luxury

10 Aug 2016

BY Rob Gill

Share
TR FB LinkedIn

HSH takes full control of Peninsula London project

Hongkong and Shanghai Hotels (HSH) has taken complete control of the funding and building of the Peninsula London hotel development.

Peninsula-Grosvenor-Place4.jpg
Sharelines

Peninsula injects further investment into London project

HSH, which owns the Peninsula brand, had been developing the 190-room luxury hotel at London’s Hyde Park Corner in a 50:50 joint venture with the site’s freeholder Grosvenor.

But now HSH has taken 100% ownership of this project, while Grosvenor retains its role as freeholder.

Construction of the hotel, which will replace offices built in Grosvenor Place during the 1960s, is scheduled to begin next week with completion set for 2021.

“This restructure will result in our group funding all the remaining development costs, representing a significant increase in investment,” said HSH in a statement.

“In return for this additional investment, we will have full control over the development, management and future operations of the Peninsula London, as well as be entitled to 100% of the proceeds from the future sales of the residential units in the project and the profits of the hotel.”

HSH’s chief executive Clement Kwok has also shrugged off the impact of the Brexit vote on its London development.

“We take a long-term view and believe that many of the factors that make London such an important global city and desirable place to live will remain largely unaffected regardless of the outcome of the recent Brexit vote,” said Kwok.

The Peninsula London will feature a spa, shops, bars, restaurants and a ballroom. There will also be up to 28 residential apartments within the development.

Add New Comment
Job Search
Previous Searches

Popular

Latest

Comments

Princess Cruises whistleblower awarded $1 million

Princess Cruises whistleblower awarded $1 million

"Sorry Princess Cruises were caught. The fine "...
Posted by Guest 31 minutes ago
Princess Cruises whistleblower awarded $1 million

Princess Cruises whistleblower awarded $1 million

"Could Princess Cruises urgently publish "...
Posted by Guest 23 hours ago
Princess Cruises whistleblower awarded $1 million

Princess Cruises whistleblower awarded $1 million

"Just desperately depressing, that huge Companies, "...
Posted by Guest 1 day ago
United Airlines 'forced woman from seat'

United Airlines 'forced woman from seat'

"Why would you book economy if you are a 'rich "...
Posted by Guest 1 day ago
Show me more
TTG Media Limited.
Place of registration: England and Wales.
Company number 08723341.
Registered address: New Bridge Street House, 30-34 New Bridge Street, London EC4V 6BJ
Scroll To Top