Peninsula Hotels plans luxury hotel for Hyde Park Corner

19 June 2013 by
Peninsula Hotels plans luxury hotel for Hyde Park Corner

Peninsula Hotels has plans to develop a 1960s office block on London's Hyde Park Corner into a new luxury hotel.

The company is setting up a joint venture with freeholder Grosvenor to redevelop the building. In addition to a hotel, the redeveloped site, which is owned by Derwent London and Grosvenor, will feature a residential complex, according to the Construction Enquirer.

Derwent has now confirmed plans to sell its 50% stake to Peninsula Hotels for £132.5m.

Derwent said: "It is intended that, following the disposal of Derwent London's interest, Peninsula Hotels and Grosvenor will work together towards redevelopment of the site as an hotel and residential scheme."

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