• Bank of China backs Splendid hotel

The Bank of China is reported to have provided the Splendid Hotel group with a £50m development loan to build the 254-room InterContinental London Westminster.

The hotel, which will open in 2011 near New Scotland Yard, will have a final value of at least £100m. The construction costs are estimated at between £180,000 and £200,000 a room.

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