Grosvenor and The Hongkong and Shanghai Hotels, Limited (the owner of Peninsula Hotels) have announced today that they have agreed terms to enter into, upon completion of HSH’s purchase of a 50% interest in 1-5 Grosvenor Place, SW1 in London, United Kingdom, a 50:50 joint venture partnership that seeks to redevelop the site. The newly formed partnership will aspire to redevelop the 1.5 acre site opposite the gardens of Buckingham Palace and overlooking Hyde Park into a mixed use scheme incorporating HSH’s first hotel in the UK – The Peninsula Hotel London.
Mr. Clement K.M. Kwok, Managing Director and CEO of Peninsula Hotels, commented: “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.”
The partnership will be formed following HSH’s acquisition of Derwent London’s 50% leasehold interest in the site for £132.5 million (approximately HK$1,564 million, exclusive of value added tax and other applicable taxes).
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