Agreement has been reached between Grosvenor and The Hongkong and Shanghai Hotels (HSH) to change the structure of their 50:50 joint venture partnership to a pure landlord and tenant relationship. HSH will be assuming 100% ownership and full responsibility for all project activity after having paid Grosvenor £107.5m. Grosvenor will remain the freeholder of the site.
Earlier this year planning permission was granted to replace the existing office blocks at 1-5 Grosvenor Place built in the 1960s with an all-new 190-room five-star Peninsula London hotel and 24-28 super-prime apartments.
HSH aims to start construction in summer 2017, with completion due in 2021.
