The Mayor, Boris Johnson has welcomed news that London has been chosen by China's largest premier commercial property company as the global capital to launch the first luxury hotel opened by a Chinese firm overseas. Dalian Wanda Group (‘Wanda’) announced today that the company will build a five star Wanda hotel in London as part of an investment worth approximately GBP 700 million for the capital.
The new Wanda hotel, the first luxury hotel by a Chinese firm overseas, will be built at a prime location in the London Borough of Wandsworth with stunning views overlooking the River Thames. The project will have a construction size of 105,000 square metres of which approximately 20,000 will be used for the Wanda Hotel which will have 160 rooms.
An experienced property and hotel developer in China,this will be Wanda's first major project in the UK Capital. London & Partners the Mayor of London's promotional and business development organisation were instrumental in helping Wanda explore the huge investment opportunities in London through the provision of tailored information and advice about doing business in the capital and by facilitating connections within the London Government and across the business community.
Nine Elms is one of 32 opportunity areas being promoted by the Mayor and London & Partners as ripe for investment. This historic part of central London comprising Nine Elms, Vauxhall and Battersea is set to be rejuvenated to include new homes, parkland, office and retail space creating tens of thousands of jobs. Construction on an extension of the Northern line down to this area will start in 2016.
The Mayor of London, Boris Johnson, said: “I warmly welcome Dalian Wanda’s investment into London as part of our plans to dramatically transform Nine Elms into a stunning quarter of the capital, providing thousands of new jobs and homes. City Hall and my promotional agency, London & Partners, have worked tirelessly with Dalian Wanda group to secure this cracking deal, which is yet another sign of the soaring global confidence in London as a world-beating place to live, work and do business.”
Chairman Wang Jianlin of Dalian Wanda Group remarked: “Through the international development of Wanda Hotels, we are confident that we will be the leader in bringing branded Chinese luxury hotels to the global market, where they have long been absent. The London property market has excellent investment opportunities and we have confidence that Wanda’s strength and expertise will help make The Wanda London’s premier hotel, and will further promote development in the area.”
David Slater, London and Partner's Director of Trade and Investment said "Wanda Group has a well-deserved reputation for high value developments and since meeting Chairman Wang Jianlin last December we've been keen to present the vast number of opportunities for investment that exist throughout London. Dalian Wanda’s decision further underlines London’s attractiveness as a place for investment; that we are open for business from across the world and that Chinese investors continue to find an enthusiastic welcome in London. We look forward to working with Dalian Wanda over the coming years to bring their vision for London to fruition".
Notes to Editors
This is the second large investment in London real estate by a Chinese developer within a month, following a £1Bn investment by ABP announced by the Mayor into the Royal Albert Docks. The development is set to create an estimated 20,000 jobs and be worth £6bn to the UK economy when complete. To find out more, visit: http://www.london.gov.uk/media/mayor-press-releases/2013/05/mayor-announces-1bn-deal-to-transform-royal-albert-dock-into
To find out more about the Mayor of London’s vision for the capital, visit: http://www.london.gov.uk/mayor-assembly/mayor/vision-2020
Head of Media and PR