KOP in discussions to ink London deal

Singapore-based hotel and investment company Kop Group is negotiating to take charge of the development of the Grade-II listed former Port of London Authority building located at 10 Trinity Square, EC3, London.

The deal will be the first major acquisition by the company, though it has purchased a half stake in European hotel chain Stein Hotels and Resorts.

The owner of the site, Thomas Enterprises reportedly spent £110 million (US$174 million) for the development site in 2006 and made plans for the first “six-star” boutique hotel in London.

However, the US-based property developer faced financial difficulties last year, with some properties placed into bankruptcy protection.

The development will keep the listed facades, and it is believed the main architect, as well as DP9, the planning consultants will be retained.

According to a source close to the process, the plans could remain largely the same, considering that the planning consent is already in place, with nearly 500,000 sq ft of luxury hotel rooms, residential units, spa and restaurants. The development is expected to cost approximately £150 million.