(Hospitalitybusinessnews.com) Wanda also announced today 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 new Wanda hotel will be located at a prime location on the South Bank, with stunning views overlooking the River Thames and iconic local landmarks The Palace of Westminster and Battersea Power Station. The 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.”
Sebastian Wood, British Ambassador to China, remarked, “These investments will further strengthen the bilateral relationship between Britain and China, and signal even closer ties between our two countries. We hope to work closely with our Chinese counterparts to further support initiatives that promote opportunities for commercial, trade and development collaboration between Chinese and British businesses for the mutual prosperity and benefit of both sides.”
The project has already obtained full planning consent.