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A 1960s office block overlooking Hyde Park Corner is to be converted into London’s first luxury Peninsula Hotel.

Plans have been submitted with Westminster City Council for a 190-room hotel, to be known as The Peninsula London.

Work on the property is due to start in two years’ time, subject to planning permission.

Joint venture partners Grosvenor Britain & Ireland and Hongkong and Shanghai Hotels have put forward the plans.

Designed by UK-based Hopkins Architects, the proposed new building will replace existing offices at the site, with a design “that responds to the heritage of its immediate neighbours, providing a new focal point and vibrancy to Hyde Park Corner”.

The hotel will have shops, bars, restaurants and a ballroom. The building also includes 24-28 residential apartments with a separate leisure and spa, reception and entrance on Halkin Street.

Hongkong and Shanghai Hotels, managing director and chief executive, Clement Kwok, said: “We are delighted to partner with Grosvenor to bring the Peninsula brand to London.

“As a company with 150 years of history, HSH is genuinely committed to the long term and focuses on developing, as an owner-operator, a small number of the highest quality Peninsula hotels in key international gateway cities.

“Each of our hotels embraces the local culture, style and history to deliver a unique experience for guests.

“As one of the world’s most important destinations for business and tourism, London will be an exciting addition to our global network.”

Peter Vernon, chief executive of property company Grosvenor Britain & Ireland, said: “This is an exciting opportunity to shape a very special corner of London. For over 300 years Grosvenor has carefully curated its London estate in Mayfair and Belgravia and The Peninsula London is another important step in our journey.

“This high-quality development is sensitive to its surroundings, sustainable and will support around 2,800 jobs in the wider economy. It will enhance the West End’s reputation as one of the world’s foremost places to visit and a driving force for the UK economy.”