Park Plaza Westminster Bridge, United Kingdom

The Park Plaza Westminster Bridge is set to be one of the most modern and architecturally striking apartment hotels in London when it is completed and opened by 2010. The construction of the new 960 'room' luxury hotel started in June 2007 and it is intended that the hotel should be ready to host guests attending the London Olympics in 2012.

The hotel will occupy a dramatic position among the regenerated South Bank's striking architecture and historical landmarks such as the Houses of Parliament and Big Ben.

The development will include eco-friendly initiatives, urban regeneration and one of the largest hotel-based conference spaces in central London. Where once stood the old 'County Hall annexe' (demolished in May 2006), voted as the city's 'ugliest' building, comes a brand new contemporary masterpiece on the same site.

There will be 960 design-led self-contained studio guestrooms in a central London location, with extensive leisure facilities such as concept restaurants, bars and an onsite fitness centre with sauna, gym and Jacuzzi.

FACILITIES

The hotel will have meeting/dining space for up to 1,000 guests in its Grand Ballroom and an additional 13 meeting rooms, with 2,500m² of conference space. Rooms will include state-of-the-art features, full air conditioning, bespoke furniture, latest in-room technology, flat screen televisions, wireless internet connectivity and fully equipped kitchens.

The hotel's amenities will include a gym, indoor swimming pool, fitness area, two restaurants, bar, executive business lounges, business centre, retail outlets and 24-hour concierge.

CONTRACTORS

The new 14-storey concept hotel is being developed by the Park Plaza hotel group (Park Plaza has given the name to the hotel and will manage it as a franchise) in conjunction with Gear Construction Project Management (The Park Plaza Westminster Bridge London is their largest hotel management contract to date).

The new hotel was designed by BUJ Architects and Uri Blumenthal Architects & Town Planners.

Mr. Eli Papouchado, chairman of Park Plaza Hotels, said: "I am thrilled to be so closely involved with the development of this striking new hotel and the significant impact it will have on the regeneration of the South Bank. The area is now one of the most visited in the city, and I am proud to be part of its rejuvenated success."

Mr. Boris Ivesha, president and CEO for Park Plaza Hotels, said: "Demand for London continues to grow, fuelled by a buoyant business climate, emerging markets such as China and India, the impact of Heathrow Terminal 5 and the London 2012 Olympics.

"The opening of Park Plaza Westminster Bridge in 2010 and our 400-room Park Plaza County Hall – due to open on London's South Bank this autumn [2007] – will be welcome additions to London's luxury hotel offering."

ECOFRIENDLY

Park Plaza Westminster Bridge London will feature some of the latest eco-friendly technologies, limiting its impact on the environment. The hotel will have an on-site filtered water bottling 'factory' (carbon filter process) eliminating the need to transport and dispose of an estimated one million bottles of water per year.

The hotel will utilise the latest building insulation technology with triple glazed, energy retaining-cladding for heat and cold retention to maximise energy efficiency.

Furthermore, the hotel will produce 15% of its own energy using a biomass electric generator. The construction will also recycle 4,500m³ of concrete from the demolished GLC building that was retained on site for use in the new build process.

Mr Boris Ivesha said: "Tourism accounts for a significant and growing percentage of GDP in the UK and it is important for the industry to take the lead in finding ways of mitigating our environmental impact… We aim to set a new standard for hotels adopting environmentally friendly policies to give this exciting new development a five-star environ-friendly rating."

FINANCE

The Park Plaza Westminster Bridge hotel development will also make a significant contribution to the regeneration of the area out of a total investment of £300m, with £4.6m allocated to local regeneration schemes including public transport, employment and the training of local people. A further £1.6m is allocated towards the creation of a landscaped public space around the hotel.

Westminster Bridge Roundabout will become part-pedestrian with a piazza that will limit traffic to taxis and public transport, making it a more scenic and enjoyable area. The piazza will create a direct connection between Waterloo and Westminster that will be much easier for tourists and residents to travel between by foot.

PROJECT HISTORY

The hotel project was first put forward in October 2005, when financial investment partners Galliard Homes and Frogmore Property Company Ltd came together with Eurosea Hotels to plan the project.

The investors then linked up with Park Plaza Hotels Europe to develop the project further as a franchise and put the successful brand name to work. Park Plaza Hotels & Resorts are part of Carlson Hotels Worldwide.

APARTMENT SALES

There will be over 960 ApartHotel suites and upper level penthouse suites, each available for sale with a 999 year lease. The ApartHotel suites are arranged from second to 14th floor level, each having an external view or internal atrium aspect.

There is a guaranteed 6% net income return, a proportion of which will be effective on the deposit between exchange and completion (anticipated 2010) and then 6% on the purchase price until 2015. After the guaranteed income period the suite will continue to be managed and let by the hotel operator. Prices for the apartments start from £200,000 with a £1,000 initial deposit to exchange contracts.