Rosewood has been appointed by global real estate investment firm Qatari Diar to manage a new, ultra-luxury hotel located on Grosvenor Square in London’s prestigious Mayfair district.

Set to be housed in the iconic building which currently serves as the U.S. Embassy, the hotel will be the second Rosewood property in London and will open as the sixth property in Europe.

“We are thrilled to embark on this exciting new venture, which will bring new life to this iconic building. The prestigious Mayfair neighborhood embodies elegance, culture, and sophistication, making it the ideal location for Rosewood’s second property in London,” said Sonia Cheng, chief executive officer of Rosewood Hotel Group.

“As one of Europe’s most coveted travel destinations, London strikes a special balance between the historical charms of the past and the contemporary comforts of the present, catering to a multitude of experiences that often cannot be found in one place. We look forward to providing guests with a property that is equally as captivating, and that will serve as a backdrop for the rich and authentic adventures that the city affords.”

The property will offer 137 guestrooms and suites, as well as a variety of dining and entertainment spaces, including five gourmet restaurants.

The property will also feature a signature spa, which will provide guests with a luxurious retreat from the bustling streets of London, as well as six flagship retail spaces and a grand ballroom with space for up to 1,000 guests.

Esteemed British architect, Sir David Chipperfield, has been selected to oversee the design process, which will reimagine the mid-20th century listed building through elegant interior upgrades while still maintaining the integrity of the property through the preservation of the building’s original, Grade II listed façade.

“We are delighted to welcome Rosewood Hotels & Resorts on-board with this exciting re-development of the U.S. Embassy building. This is a major opportunity for London and a hotel of this exceptional calibre perfectly aligns with our vision and ambition to renew the heart of Mayfair and cement the neighbourhood’s unique character as the leading hospitality, arts and luxury retail quarter in London for residents and visitors to enjoy,” said Sheikh Jassim Al-Thani, chief development officer of Qatari Diar, Europe & Americas. “We look forward to working with the brand on this project to realise our long-term commitment to deliver a world-class hotel that seeks to re-establish Mayfair’s distinguished reputation as an outstanding place to live, work and visit.”

This article originally appears on DailyFT.

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