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GS E&C’s Elements Europe, an offsite modular specialist, has been tasked to build a 23-story hotel in London. It was on Tuesday, April 26, when the company announced that it was able to secure the deal for the hotel’s construction.
The project is worth £100 million or 62 billion won, and it will include a hotel and offices. Elements Europe will be the main contractor, and UBS Asset Management Real Estate & Private Markets (REPM), The Pickstock Group, and BSW Land and Property are funding the construction.
It should be noted that the Pickstock Group is also Elements Europe’s founder and co-owner. The hotel will be built in central London’s East Road and it will consist of 5-storey of offices and above will be a 17-storey volumetric modular hotel.
As per The Korea Herald, the building will also have two basement floors. Elements Europe said that the construction of the hotel will begin this year, and the target date of completion is by the second half of 2024. Europe’s popular hotel chain called Motel One will be operating the building for three decades once completed.
"We look forward to working with our partners in this prime, central London location, on this advanced scheme. Elements Europe has considerable experience as a leading large-scale modular manufacturing and construction company, having been founded over 17 years ago,” Elements Europe’s chief executive officer, Simon Underwood, said in a press release.
He went on to say, “Now supported by one of the world's leading construction and engineering groups - GS E&C - it enables us to provide certainty and security for our customers in today's difficult markets. The environmental aspects of this scheme are important to us as a business and are another example of how the industry can continue to modernize for our sustainable future."
Finally, the hotel will be called the Motel One 4 and its development will deliver the Environmental, Social and Governance (ESG) goals of its stakeholders. The majority of the building will be built using prefabricated modules that minimize negative environmental effects. This is eco-friendly because it reduces noise and pollution, there is less disruption in the area due to fewer deliveries of materials to the site.
