GROSVENOR SELLS ITS STAKE IN PENINSULA LONDON DEVELOPMENT
Grosvenor Britain & Ireland has sold its 50% stake in the joint venture it created with Hongkong and Shanghai Hotels (HSH) for the development of the first Peninsula-branded hotel in London for £107.5 million, giving HSH full ownership of the project, which received planning permission at the end of 2015. The development, on Hyde Park Corner, will replace the site’s existing 1960s’ office blocks and will include the 190-room hotel and spa, 24-28 residential apartments and retail and food and beverage outlets. Construction is due to start in 2017 and the hotel is scheduled to open in 2021. Grosvenor will retain the freehold of the site and as landlord will receive a fixed rent from the hotel.