Plans have been submitted to Westminster Council for a 190-room hotel, to be known as The Peninsula London, with an extra 28 high-end apartments, bringing the gross development value towards a reported £500m.

The project will involve demolishing a 1960s office block at 1-5 Grosvenor Place to allow construction to start in the summer of 2017.

Designed by British-based Hopkins Architects, the new building is planned as  sister hotel to Hong Kong’s acclaimed Peninsula, and will boast a 30m square internal ‘Palazzo-style’ courtyard.

Peter Vernon, Chief Executive Officer of 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.”

The Peninsula will be the third of Asia’s luxury hotel brands to open in London, following the Mandarin Oriental Hyde Park in Knightsbridge in 2000 and the Shangri-La in The Shard last year.