Dalian Wanda Group (DWG), a Chinese conglomerate company with activities in real estate, tourism, hotels and entertainment, has entered into an agreement with Irish developer Green Property to develop a Wanda hotel in London.
The move is part of the group’s major investment programme in the UK, which includes the purchase of the One Nine Elms development site in central London to develop a real estate project for £700m, and the purchase of British yacht company Sunseeker International, for £320m.
The five-star Wanda hotel will be the first luxury hotel to be opened by a Chinese firm overseas.
Located close to local landmarks such as The Palace of Westminster and Battersea Power Station, the new Wanda hotel will be built on an area of around 20,000m² and will feature 160 rooms.
DWG chairman Wang Jianlin said that through the international development of Wanda hotels, the company is confident that it will be the leader in bringing branded Chinese luxury hotels to the global market.
"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."
British Ambassador to China Sebastian Wood commented that the investments will further strengthen the bilateral relationship between Britain and China, and signal even closer ties between the 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," Wood added.
Image: Investment Management Center general manager Liu Chaohui signing the agreement with Green Property managing director Pat Gunne. Photo courtesy of WANDA Group.