Evolution Investment Fund, a new investment fund focused on global luxury hospitality assets, has bought two hotel developments in Mayfair, London.
With a total capital commitment of approximately £1.1 billion including development expenditure, Evolution said it has bought a long leasehold interest in the London Marriott Hotel Grosvenor Square – which was being sold via Eastdil for Hong Kong's Joint Treasure – and the the fully consented 8–10 Grafton Street and 22-24 Barlow Place hotel development site in New Bond Street from O&H Grafton Developments.
Evolution said its investment marks a significant vote of confidence in London's long-term growth prospects and as a destination for world-leading experiences.
The London Marriott Hotel Grosvenor Square is a 237-key, 198,000-square-foot hotel on the north side of Grosvenor Square in Mayfair. Joint Treasure brought the 40-year lease in the site to market last year via Eastdil seeking around £200 million. It is home to Gordon Ramsay’s Bar and Grill and Lucky Cat.
8-10 Grafton Street and 22-24 Barlow Place is a landmark 157,000-square-foot project that proposes 94 hotel keys and six luxury residences, with Foster & Partners designs for a 12-storey tower. Luxury fashion brand Yves Saint Laurent signed what is understood to be a record London rent to open a flagship store on the first floor in 2024.
Evolution said it intends to create and operate these hospitality assets, "blending heritage and design innovation, with a focus on world-class guest experience".
Evolution was launched in 2025 by the United Arab Emirates-based Shanshal family. The family also invests in logistics, telecoms, car dealerships and construction.
Separately, Evolution has appointed Nadhim Zahawi, the former Tory Party Chancellor who recently joined the Reform Party, as a director to the boards of the UK acquisition entities.
A spokesperson for the Shanshal family said in a statement: "Our first two acquisitions in Mayfair are much more than prime London assets; they represent our long-term conviction in the enduring quality, resilience and global appeal of this magnificent city. We plan to invest significantly in these locations, driven by a firm belief in their exceptional long-term appeal."
Zahawi added: "I look forward to using my experience to support the Shanshal family and team to deliver world class luxury hospitality assets in Mayfair and in the UK."
Spartan Management Services, led by Richard Faber, acted as exclusive financial and strategic advisor to Evolution across both transactions, leading the origination, structuring and negotiations of the acquisitions.