David Chipperfield Architects and ReardonSmith are moving forward with plans to design a new Rosewood hotel on 30 Grosvenor Square, the former site of the US Embassy in London.

Developed in collaboration with the Grosvenor Estate and Qatari Diar, the new hotel is scheduled for completion in 2023. Expected to cost £1bn (US$1.3bn, €1.1bn), it will comprise 137 bedrooms, five restaurants, six retail units, a spa and a ballroom with space for 1,000 guests.

The renovation follows the relocation of the 60’s-era embassy, which recently opened its doors south of the Thames at Nine Elms.

When discussing the project, Abdullah Al Attiyah, CEO at Qatari Diar, said: "The opportunity to transform such an iconic address is something that only happens once in a lifetime and we are extremely proud to be responsible for it."

Sidharth Bhatia, Associate Director of ReardonSmith Architects, commented: "It's an honour to be working on such a prestigious project and with such an exceptional project team. As with our many previous listed building projects, we are very conscious of acting as custodians of the property while delivering a world-class hotel that will meet all the operational demands placed on it and which will serve the test of time.”