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New construction plans afoot at The o2

VISION OF THE FUTURE: An artist's rendition of how the new development will look

FOLLOWING ITS fall into administration in early 2017, the Greenwich Peninsula Hotel has been acquired by hotel and investment company Nine Group.

The hotel is less than a 10-minute walk to the O2 Arena and situated in close proximity to the University of Greenwich, Excel London, North Greenwich station and London City airport.

The O2 Arena attracts over 2 million visitors per year and the £5 billion redevelopment of the surrounding area is set to include 10,000 homes, an art gallery, orchard, shopping district, restaurants, cruise ship terminal and a purpose-built university campus.

Currently accommodating 50 bedrooms, planning will be submitted to extend the part built six-storey hotel, which will hold a 3-star rating.

Originally sold to a group of 50 buy-to-let investors, the hotel build was abandoned when Conqueror Holdings Limited fell into administration as a result of a failed joint venture between Zeeshaan Shah of property investment company One Capital and Cherif Investment Properties.

Grant Thornton Limited were appointed as joint administrators of Conqueror Holdings Limited (in administration) and Nine Group acquired the incomplete site, with plans to complete and extend the capacity of the hotel.

FASTEST-GROWING

Headed-up by Vivek Chadha - who was recently announced as the winner of Entrepreneur of the Year for the London and South region in Ernst & Young 2017 Entrepreneur of the Year awards - Nine Group is one of the fastest-growing private hotel companies in the UK, employing nearly 800 people. Chadha said:

"I am delighted to be able to complete the build of this hotel, which has been standing incomplete in the centre of the Greenwich Peninsula for over two years, causing consternation to local residents and visitors alike. Located in close proximity to the world-famous O2 Arena, the hotel is at the centre of the redevelopment of the Greenwich Peninsula, ensuring our guests will be at the heart of this exciting new district and able to enjoy all it has to offer."

The Nine Group portfolio is diverse, with a mixture of residential and commercial property, plus hotels including the Novotel London Heathrow airport, Mercure St. Albans Noke Hotel, Holiday Inn London Watford Junction and the recently acquired Trafford Park hotel in the centre of Manchester.

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