Luxury hotel chain Peninsula is to finally get a foothold in Europe, according to a report in today’s South China Morning Post (SCMP).
The report states that Peninsula’s owners Hong Kong and Shanghai Hotels has agreed to buy a 20 per cent stake in a building near the Arc de Triomphe, for redevelopment as a Peninsula hotel.
SCMP reports that the group will redevelop the early 20th-century building on Avenue Kleber, formerly housing the city’s Majestic Hotel but more recently serving as the Kleber International Conference Centre. The project is due for completion in 2012.
Peninsula has been known to be searching for appropriate European locations for some time, with its current portfolio limited to eight properties in Asia and the US. It’s ninth hotel is due to open in Shanghai next year.
For more information visit peninsula.com.
Report by Mark Caswell
