Evolution Investment Fund (Evolution) has acquired two landmark luxury hotel developments in London’s Mayfair.
The newly established investment fund, which is dedicated to global luxury hospitality assets, has committed approximately £1.1bn, including development expenditure, to the two sites.
Evolution has acquired a long leasehold interest in the London Marriott Hotel Grosvenor Square (pictured) and the fully consented 8–10 Grafton Street and 22-24 Barlow Place luxury hotel development site on New Bond Street from O&H Grafton Developments.
The London Marriott Hotel Grosvenor Square is a 198,000 sq ft, 237-key hotel positioned on the north side of Grosvenor Square, and the 157,000 sq ft 8–10 Grafton Street and 22-24 Barlow Place project will include 94 hotel keys and six luxury residences, with plans formed by Forster & Partners to deliver a 12-storey tower as part of the new ultra-prime hospitality scheme.
A spokesperson for the Shanshal family, which launched Evolution last year, said: “Our first two acquisitions in Mayfair are much more than prime London assets; they represent our long-term conviction in the enduring quality, resilience and global appeal of this magnificent city. We plan to invest significantly in these locations, driven by a firm belief in their exceptional long-term appeal.”
Nadhim Zahawi, director of the acquisition entities, added: “I’m delighted to have joined the two UK boards at this exciting stage of Evolution’s history. I look forward to using my experience to support the Shanshal family and team to deliver world class luxury hospitality assets in Mayfair and in the UK.”
Richard Faber, founder and managing director of Spartan Management Services, which advised Evolution, said: “We are proud to have played our part in identifying and securing these exceptional strategic opportunities for Evolution. It is gratifying that super-prime London remains a magnet for international strategic investors who chose our city at a time of global competition for capital. London retains its position as the world’s favourite city. It takes long hours and teamwork to identify and structure these projects. I am proud that my colleagues brought these opportunities to Evolution and I salute our clients’ commitment.”
