Pan Pacific is planning to open its first property in the UK, with parent UOL Group snapping up a prime site in central London.
UOL Group purchased the Heron Plaza site in Bishopsgate, in the City of London, for £97 million.
Previously owned by property investment firm Heron International, the site already has permission for a 43-storey building.
The completed project will feature a 190-room hotel, as well as 109 apartments and shops.
Rival luxury chain Four Seasons was originally named as the hotel operator when the project was granted planning approval three years ago.
UOL said it would ‘review’ the configuration following the acquisition.
“We are delighted to have acquired this prime site in London’s central financial district as part of our overseas strategic expansion,” said UOL chief executive Gwee Lian Kheng.
“We look forward to establishing good rapport with the local community as we embark on the development of this project.”