Evolution Investment Fund has made a £1.1 billion investment in London’s Mayfair district that includes the acquisition of the long leasehold interest in the 237-room London Marriott Hotel Grosvenor Square.
The deal also saw the acquisition of a fully consented scheme at 8-10 Grafton St. and nearby 22-24 Barlow Place off New Bond Street that are being earmarked for luxury hotel developments.
A news release from Evolution said the seller of those two sites is O&H Grafton Developments Limited.
CoStar states the owner of the Marriott hotel is British Virgin Islands-based Western Treasures Ltd.
Evolution, launched last year, also is registered in the British Virgin Islands. According to CoStar, the previous sale of the Grosvenor hotel with a disclosed price was in March 2014 when it was bought by Joint Treasure International, a Hong Kong-based investment vehicle, for more than £125 million ($168 million) or £528,059 per key ($711,628 per key).
Management at Evolution said “the acquisition of the fully consented scheme … is a significant entry into one of the world’s most prestigious hospitality markets. The landmark 157,000-square-foot project will include 94 hotel keys and six luxury residences, with plans formed by Forster & Partners to deliver a 12-story tower as part of the new ultra-prime hospitality offering in Mayfair.”
Evolution’s owners, the United Arab Emirates-based Shanshal family office, said about their plans that “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.”
It also made the announcement that it has appointed to its board Nadhim Zahawi, a former chancellor of the exchequer in the government of Prime Minister Rishi Sunak, who dismissed him when he was chairman of the Conservative Party amid allegations he did not properly declare certain financial and business arrangements, thus breaching the ministerial code.