Fosun Said to Be Seeking London’s $762M Grosvenor House Hotel

China’s Fosun International is said to be pursuing London’s Grosvenor House Hotel, as the investment conglomerate continues to expand its global real estate portfolio.

The five-star London landmark is currently on the market for a reported ₤500 million ($762 million) following the default of India’s Sahara India Pariwar, which bought the property in 2010, on a loan from Bank of China. A report by Bloomberg cites sources close to the deal as indicating that Fosun is pursuing the 420 room luxury property for a second time.

Fosun has been buying up property in the US, Japan and Australia, and it has moved into the tourism and travel sector through its recent acquisition of France’s Club Med, and the aquisition of a five percent stake in UK travel firm Thomas Cook that was announced just last week.

Grosvenor House Deal Would Be Latest Chinese Hotel Deal

Should Fosun successfully acquire Grosvenor House, it would be the latest in a string of high end hotel acquisitions by Chinese investment firms that has spanned Europe, the US and Australia. The hotel buying spree is driven in part by a belief that growing wanderlust among China’s newly affluent will create a new wave of global travel.

Beijing-based Anbang Insurance made one of China’s highest profile overseas acquisitions last year when it picked up New York’s Waldorf Astoria Hotel for a record $1.95 billion in October. That deal has since been followed by rival Sunshine Insurance acquiring Sydney’s Sheraton on the Park for $401 million in November.

Then, just last month, Sunshine bought its own New York hotel, the Baccarat, for $230 million. Also during last year, Shanghai’s Jin Jiang Group acquired France’s Louvre Hotel chain for over $1.49 billion.

Fosun Building Its International Property Portfolio

Fosun reportedly bid $400 million for Grosvenor House last year, while it was still controlled by Sahara, and the company has continued to expand its roster of global real estate assets since then.

While Fosun was said not to respond to questions from Bloomberg about a current bid by Fosun for the property, the investment group led by billionaire Guo Guangchang has previously shown a taste for landmark deals.

Fosun acquired New York’s One Chase Manhattan Plaza for $725 million in 2013, and more recently has purchased a pair of office towers in Tokyo. Earlier this year, the Shanghai-based firm added an office tower in Sydney for $93 million.