Queensgate Investments Fund and a number of private investors have formed a $450m joint venture which has exchanged contracts with Anschutz Entertainment Group (AEG) to buy a 7½ acre riverfront hotel led site directly linked to the O2 Arena, on the Greenwich Peninsula, London to build a hotel and residential project. AEG has retained an interest in the development.
The Consortium will build a 452 room luxury hotel, which will be one of Europe’s largest hotel conference centres with circa 30,000 sqft of conference space, and 100 private serviced residences. Construction is expected to begin in the first quarter of 2013 with completion due in 2015.
A hotel management contract will be entered into with Arora, and franchise agreement heads of terms have been secured with one of the world’s leading hotel brands the consortium said.
The development benefits from a direct link to the O2 Arena, which is the most visited music venue in the world attracting in excess of 8 million visitors and hosting over 190 sold out events per year. The site is in close proximity to extensive transport links including North Greenwich Tube Station, Blackwall Tunnel, London City Airport and Canary Wharf.