Building a $5 billion hotel for $2 billion is no easy task.
That’s why the architects at Maccoy Group spent five years building a luxury hotel in central London with a price tag of $1.2 billion.
Maccoy, a leading developer of high-end hotel buildings, had previously developed a similar luxury hotel on the outskirts of Beijing that opened in 2013.
The London hotel, the first in Europe, opened in December 2017, after years of planning and construction.
At the time, Maccorys managing director Michael Crampton said the project was a “unique opportunity” that he felt had “passed the test.”
“We believe it’s a unique opportunity in the history of luxury hotel architecture and that we are not only taking a step forward, but creating a world class brand,” Cramton told the London Evening Standard.
“We’re doing it because we think we’re doing something that has potential to be a very important landmark for the hotel industry, and we think it’s in the best interest of the project.”
MacCoy, which was founded by billionaire David Maccury in 1987, is the third luxury hotel company to open a hotel in the UK, after Marriott and Ritz-Carlton.
The hotel opened in 2018 and is being marketed as the world’s most expensive hotel, with a view to attracting more guests.
“This is an extremely significant building project, which will be a landmark for London,” Maccarys chief executive Paul McGurk told the Evening Standard, adding that the hotel would provide the city with a new home for some of its biggest projects.
“It will be one of the world leaders in luxury hotel construction.”
The hotel has attracted criticism from residents and others in the local community, who claim it is too expensive for the area and the area’s residents.
London Mayor Sadiq Khan has called for the project to be shut down, and the city has called on the developers to halt construction.
The developers have previously said that they plan to reopen the hotel.