Nadhim Zahawi joins equity group piling £1bn into Mayfair hotels
Former Tory chancellor Nadhim Zahawi has joined the board of an investment firm piling £1.1bn into two luxury Mayfair hotels.
Evolution Investment Fund, based in the British Virgin Islands, has acquired a long leasehold interest in the London Marriott Hotel in Grosvenor Square and a luxury hotel development site in New Bond Street.
The fund, who announced the move at the same time as Zahawi’s seat on the board, claimed its investment was a “significant vote of confidence” in London’s growth prospects.
The investment fund was launched in 2025 by the United Arab Emirates-based Shanshal family, whose business interests also span construction, telecoms and car dealerships.
The London Marriott Hotel is a 198,000 sq ft hotel sat on one of London’s most famous garden squares.
The New Bond Street site will span 157,000 sq ft and include 94 rooms, six luxury residences and a 12-storey tower.
A spokesperson for the Shanshal family said: “Our first two acquisitions in Mayfair are much more than prime London assets; they represent our long-term conviction in the enduring quality, resilience and global appeal of this magnificent city.
“We plan to invest significantly in these locations, driven by a firm belief in their exceptional long-term appeal.”
Zahawi joins investment firm
Nadhim Zahawi founded research firm YouGov before becoming the Conservative MP for Stratford-upon-Avon in 2010.
He was appointed Boris Johnson’s chancellor in July 2022, before calling for the Prime Minister’s resignation shortly thereafter.
Zahawi was sacked as Tory Party chairman in 2023 after it emerged he failed to disclose he was being investigated by HMRC. He later confirmed he paid nearly £5m to settle his tax affairs.
Last month, Zahawi defected to Nigel Farage’s Reform UK, the first of a string of high-profile Tory defectors which came at the start of this year.
Zahawi, who has been made director of Evolution’s UK acquisitions, said: “I’m delighted to have joined the two UK boards at this exciting stage of Evolution’s history.
“I look forward to using my experience to support the Shanshal family and team to deliver world class luxury hospitality assets in Mayfair and in the UK.”