Chinese property giant Dalian Wanda has announced that the company will build a five-star Wanda hotel in London, which will be the first luxury hotel opened by a Chinese firm overseas and mark the first move overseas by Wanda’s luxury hotel brand.
The Group has bought One Nine Elms in London’s SW8 with plans already approved for a £700 million redevelopment of the Market Towers on the site, including two towers of 58 and 43 storeys, residential accommodation, offices, and a public square with shops, restaurants and cafes.
The new Wanda hotel will be at this prime location on the South Bank, with stunning views overlooking the River Thames and iconic local landmarks such as The Palace of Westminster and Battersea Power Station. The overall project will have a construction size of 105,000 square meters, approximately 20,000 of which will be used for the Wanda hotel, which will have 160 rooms.
The project plans include 63,000 square meters of premium apartments. The Wanda development project will become a new London landmark upon construction completion. The total investment value of the project will be approximately GBP 700 million.
Chairman Wang 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 make the Wanda London’s premier hotel, further promoting development in the area.”
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 world-beating place to live, work and do business.”
The project has already obtained full planning consent.