Singapore-based hotel chain Pan Pacific plans to open its first property in London following the acquisition of land in the City.
Pan Pacific’s parent company UOL Group has purchased the Heron Plaza site in the City of London for £97 million from property investment firm Heron International.
The site, next to the Heron Tower in Bishopsgate, already has permission for a 43-storey building featuring a 190-room hotel, 109 apartments and shops. UOL said it would “review” this configuration following the acquisition.
Four Seasons was originally announced as the hotel operator when the scheme was given planning approval in 2011.
Gwee Lian Kheng, group chief executive of UOL Group, said: “We are delighted to have acquired this prime site in London’s central financial district as part of our overseas strategic expansion.
“We look forward to establishing good rapport with the local community as we embark on the development of this project.”
UOL runs more than 30 hotels in Asia, North America and the Far East under its flagship Pan Pacific and Park Royal brands.
No timescale has been announced for the proposed opening of the Pan Pacific in London.