Peninsula Hotels has announced the development of its first location in London after revealing plans for a new luxury development near Hyde Park Corner and Buckingham Palace.
Peninsula's parent company Hong Kong and Shanghai Hotels have purchased a 50 per cent stake for the property in Belgravia from real estate investment trust Derwent for £132.5m ($204.2m, €155.8).
Freeholder Grosvenor purchased the other 50 per cent of the property.
The site in west London will be redeveloped from a 50-year-old office block to a new Peninsula Hotel and set of offices. .
