Grosvenor and The Hongkong and Shanghai Hotels Announce New Partnership to Deliver Central London Hotel Scheme

LONDON and HONG KONG/PRNewswire/ — Grosvenor and The Hongkong and Shanghai Hotels, Limited (HSH) have announced today that they have agreed terms to enter into, upon completion of HSH’s purchase of a 50% interest in 1-5 Grosvenor Place, SW1 in London, United Kingdom, a 50:50 joint venture partnership that seeks to redevelop the site.
The newly formed partnership will aspire to redevelop the 1.5 acre site opposite the gardens of Buckingham Palace and overlooking Hyde Park into a mixed use scheme incorporating HSH’s first hotel in the UK — The Peninsula London.
Mr. Clement K.M. Kwok, Managing Director and Chief Executive Officer of HSH, commented: “London is one of the world’s most important financial centres and a key international gateway city for business tourism. This project is consistent with our Group’s long term strategy, representing our desire to further expand in Europe.”
Mr. Peter Vernon, Chief Executive Officer of Grosvenor Britain and Ireland, said: “We’re incredibly excited to be working in partnership with Asia’s longest standing hotel operator whose expertise will be invaluable to delivering an exceptional scheme in such a prominent location in central London.”
The partnership will be formed following HSH’s acquisition of Derwent London’s 50% leasehold interest in the site for GBP132.5 million (approximately HK$1,564 million, exclusive of value added tax and other applicable taxes).
Mr. Clement K.M. Kwok, Managing Director and Chief Executive Officer of HSH (left) and Mr. Peter Vernon, Chief Executive Officer of Grosvenor Britain and Ireland (right).
Mr. Clement K.M. Kwok, Managing Director and Chief Executive Officer of HSH (left) and Mr. Peter Vernon, Chief Executive Officer of Grosvenor Britain and Ireland (right).
HSH and Grosvenor will work together to design and submit a planning application to develop the site following an extensive consultation phase with the local community.
Notes to editors
The Hongkong and Shanghai Hotels, Limited (HSH)
Incorporated in 1866 and listed on The Stock Exchange of Hong Kong (00045), HSH is the holding company of a Group which is engaged in the ownership, development and management of prestigious hotel, commercial and residential properties in key locations in Asia, the United States and Europe, as well as the provision of transport, club management and other services. The hotel portfolio of the Group comprises The Peninsula Hotels in Hong Kong, Shanghai, Beijing, New York, Chicago, Beverly Hills, Tokyo, Bangkok, Manila and Paris (under construction). The property portfolio of the Group includes The Repulse Bay Complex, The Peak Tower and The Peak Tramways, St. John’s Building, The Landmark in Ho Chi Minh City, Vietnam and the Thai Country Club in Bangkok, Thailand.
Grosvenor Britain & Ireland aims to create value through its skills in place making and design, repositioning locations in ways that change customer perceptions and deliver results for its stakeholders. The core portfolio comprises 300 acres of Mayfair and Belgravia in London, which first came into the Grosvenor family in 1677. Ownership and active management of its London estate remains at the heart of Grosvenor Britain and Ireland’s strategy. Investment assets comprise the largest part of its portfolio. Grosvenor Britain & Ireland also undertakes development across London, and in selected city centres around the UK. As at 31 December 2012, Grosvenor Britain & Ireland had assets under management of GBP4.8 billion.
For further information, please contact:
Grosvenor Britain and Ireland
Sorrel Basher, Public Relations Executive
Tel: +44-(0)-20-7312-6479 / 6101
sorrel.basher@grosvenor.com
The Hongkong and Shanghai Hotels, Limited
Irene Lau, Senior Manager Corporate Affairs
Tel: +852-2840-7152
irenelau@peninsula.com
Source: The Hongkong and Shanghai Hotels, Limited
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Mahindra Comviva Bets Big on Digital Music Growth Around the Globe

KUALA LUMPUR, Malaysia /PRNewswire/ —
30+ large scale deployments across Asia and Africa
150+ Content Provider tie-ups with localized content for APAC markets
25% growth in RBT revenues/ subscriber penetration in existing deployments
Ensures regulatory compliance through best practices in business operations and automated content enablement platforms
Mahindra Comviva, the global leader in providing mobile solutions beyond VAS, is betting big on its digital music portfolio across video, voice and text. With over 30 large-scale deployments and over 150 content partners, the company has become one of the largest content aggregators across Asia and Africa continent.
Mahindra Comviva owns music rights for over 260,000 music assets, in addition to 300,000 other content assets (video, images, voice & text). It has more than 200 categories in SMS/USSD based services with very strong WAP catalogue, spanning multiple genres including Movie Classics, Lifestyle Tips, Hip Hop, Pop, Inspirational, Spiritual, Rumba, Hip Life, Sports, Devotional, Jazz, Rock, Reggae and Retro in more than 90 languages including English, Mandarin, Indonesian, Malay, etc.
In Asian markets, while respecting the challenging regulatory environment, Mahindra Comviva has managed to grow the CRBT business by 20-25% annually. Revenues from content-based services have also improved by 5-10% on a monthly basis though improved business management practices and segmented campaigns adhering to the regulatory guidelines.
Atul Madan, Head of Digital Services, Mahindra Comviva, said: “Over the last few years service providers in the Asia Pacific region have witnessed huge demand for digital music, especially in ASEAN countries. By offering content personalization options for end-users and multiple revenue models for mobile operators, Mahindra Comviva’s range of digital services, spanning music, voice, video and text, drives service usage and ensures superior end-user experience whilst maximizing operators’ revenue window.”
Taking digital services to one step further, Mahindra Comviva has pioneered and launched “Infotainment Portal”, a mobile data based app that allows subscribers to watch and download videos and even share/integrate content with social network websites. First of its kind, this mobile app allows the subscribers to access infotainment through a single app irrespective of the choice of bearer channel between mobile client, text or voice. “Infotainment Portal” is powered by its “Recommendation and Analytics Engine”, which recommends content based on the user’s profile and his personal preferences rather than content preferred by the crowd as done in most conventional VAS services.
Contact:
Sundeep Mehta
Contact: +91-124-481-9000
Email: pr@mahindracomviva.com
Source: Mahindra Comviva