Singapore billionaire to open first UK hotel following £110m investment
Singapore billionaire Asok Kumar Hiranandani’s Royal Group of Companies has acquired the former Westminster Bank building in London, with plans to turn the property into a luxury all-suite hotel.
Royal Group bought the property on Piccadilly in Mayfair last month for £65 million and plans to spend another £45 million transforming it into a 50-suite boutique hotel. This means the group’s total investment will be £110 million, or around $143 million Singapore dollars.
Hiranandani’s firm has engaged UK architects Ritchie Design Partners to design the hotel, which is slated to be completed by the end of 2026.
Hiranandani told Forbes Asia that he had been looking for opportunities in London for the past decade, as “London’s tourist arrivals are growing like crazy.”
He also said he plans to charge guests upwards of £1,000 a night for an entry-level room, joining the likes of The Peninsula London and Mandarin Oriental Mayfair.
A whole host of new ultra-luxe hotels are slated to open in the Capital over the next few years, including The Chancery Rosewood, and the debut UK sites for high-end brands including Six Senses and Auberge Resorts Collection.