China’s Dalian Wanda Group on Wednesday announced plans for a luxury hotel and commercial development in London with a total investment value of more than US$1 billion.
The 160-room, 5-star hotel and surrounding development will be built with Green Property on London’s South Bank, the company said.
“Through the international development of Wanda hotels, we are confident that we will be the leader in bringing branded Chinese luxury hotels to the global market, where they have long been absent," said Wanda Chairman Wang Jianlin.
Wang also said the company will announce later this year a luxury hotel in New York City, and it plans to build luxury, Wanda-branded hotels in up to 10 cities worldwide over the next 10 years.
Dalian Wanda Group on Wednesday also announced plans to buy 92% of British yacht maker Sunseeker International. Last year the company bought U.S. cinema chain AMC Entertainment Holdings for US$2.6 billion.