International Hotel Investments p.l.c. (IHI), together with Libyan Foreign Investment Company (LFICO) and Istithmar Hotels FZE (Istithmar) of Dubai, acting as a joint-venture, have entered into an Exclusivity and Development Agreement with Crown Estate of the UK to develop a 283- bedroom deluxe five-star hotel and a suite of adjoining luxury apartments in a prestigious central location in London.

IHI said Crown Estate had last year declared its intention to sell the former Metropole Hotel Building and the adjoining 10 Whitehall Place in central London, and had invited bids worldwide.

The joint-venture submitted proposals for the project, along with offers from 26 of the world’s leading developers.

“The joint-venture between IHI, LFICO and Istithmar was ultimately chosen on the basis of the parties’ proposals for the properties, as well as its development experience and financial capabilities to execute the project,” IHI said.

On completion, the management of the five-star hotel operation will be entrusted to CHI Limited to operate the property under the Corinthia brand.

Source

This entry was posted on Wednesday, February 6th, 2008 at 11:49 pm and is filed under Hotel, Real Estate. Tags: Deluxe development Dubai FIVE-STAR hotel Hotels International Hotel Istithmar Istithmar Hotels London National hotel Property Star Hotel . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.