Grosvenor and HSH announce new partnership to deliver Central London hotel scheme
Upon completion of HSH’s purchase of a 50% interest in 1-5 Grosvenor Place, the 50:50 partnership will aspire to redevelop the 1.5 acre site opposite the gardens of Buckingham Palace and overlooking Hyde Park.
Mr. Clement K.M. Kwok, Managing Director and Chief Executive Officer of HSH, comments: “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.”
Mr. Peter Vernon, Chief Executive Officer of Grosvenor Britain and Ireland, adds: “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.”
The partnership will be formed following HSH’s acquisition of Derwent London’s 50% leasehold interest in the site for £132.5 million. HSH and Grosvenor will work together to design and submit a planning application to develop the site following an extensive consultation phase with the local community.
