PPHE Hotel Group is to push ahead with developing a new hotel in the trendy Hoxton district of east London.
The company plans to start building an art’otel by the summer to complement a similar lifestyle property being created as part of the redevelopment of Battersea Power Station.
The go-ahead for the 318-room Hoxton art’otel came as a subsidiary of PPHE paid £35 million to buy out half of a joint venture company which owns the development site in London EC1.
The company initially entered into this joint venture a decade ago by investing £11 million for its 50% interest. The acquisition is being funded through cash resources.
The acquisition will enable PPHE to control the timetable for construction of a mixed-use scheme consisting of the art’otel London Hoxton, office, commercial space and ancillaries.
The hotel group’s president and chief executive Boris Ivesha said: “We are excited about this latest transaction which is part of realising the next phase of growth for our group.
“Construction of art’otel London Hoxton is now expected to commence in the second quarter of this year and this lifestyle hotel, located in one of London’s most exciting neighbourhoods, will complement our other art’otel already under construction, the landmark art’otel London Battersea Power Station.”