Expanding its global footprints further, Indiabulls Real Estate, a company that stands for excellence and luxury in residential and commercial property development, has teamed up with the international luxury hotel investment and management group Mandarin Oriental Hotel Group as hotel partner for its residential development in central London’s Hanover Square.
The project Hanover Bond is Indiabulls Real Estate’s third residential project in London and will involve th3e development of 80 branded and serviced luxury Mandarin Oriental Residences and a fully-integrated Mandarin Oriental Hotel with 50 guest rooms and suites.
The proposed Indiabulls property will be the Hong Kong-headquartered hospitality major’s second property in London after Mandarin Oriental Hyde Park at Hyde Park in Knightsbridge. Of its current operating portfolio of over 25 luxury hotel across the world, Mandarin operates more than one property only in Hong Kong.
“We are delighted to be opening a second Mandarin Oriental property in London, and look forward to extending the group’s legendary hospitality to another of the city’s most exclusive addresses. Operating two complementary hotels in a single destination is something that the group has already done successfully in Hong Kong,” said James Riley, Group Chief Executive of Mandarin Oriental.
In 2014, Indiabulls acquired 22-23 Hanover Square, a commercial property, in an auction from Scottish Widows Investment Partnership, which is now part of Aberdeen Asset Management. The Indian developer had bid £155 million (more than Rs 1,500 cr then) for the asset and has already received approvals from Westminster City Council for redevelopment of this property.
“As a company, we share Mandarin Oriental’s unwavering commitment to quality and service, making this the perfect partnership… We look forward to bringing the best of both worlds – the comfort of a private home combined with Mandarin Oriental’s legendary hospitality – to our discerning clientele,” said Vishal Damani, joint managing director, Indiabulls Real Estate.
According to the terms of the 30-year deal, the hotel operator is expected to offer a certain minimum guaranteed EBITDA for the first 10 years of the contract, which values the property’s hotel portion at around £155 million. The project is scheduled to be completed in 2021.