The first city centre Yotel in Europe is to open in London next year.
The high-tech brand, which features ‘pods’ instead of rooms, has chosen Clerkenwell for the property.
Developer Medina Investments will transform the current site into a mixed-use development.
The Clerkenwell development is being funded by undisclosed capital from ICG-Longbow, which specialises in real estate loans.
The hotel will have 212 ‘pods’ with space saving adjustable beds, monsoon rain showers and techno-wall features, including mood lighting and entertainment options, with smart TVs.
Additional facilities include a gym, bar, an independently operated dining outlet and a club lounge offering meeting and co-working spaces.
All cabins and communal areas of the hotel will be served by free super-fast Wi-Fi connectivity.
The property will be a six-minute walk from Farringdon Station, seven minutes to Spa Fields Park, eight minutes to City University London and 15-minutes away from the Barbican Centre.
The location will benefit from the arrival of Crossrail to Farringdon Station in 2018.
The hotel is due to open late in 2018 and follows the company’s first city property in New York City in addition to locations at airports such as Heathrow, Gatwick, Amsterdam Schiphol and Paris Charles de Gaulle.
CEO Hubert Viriot said: “Since the opening of our flagship in New York, we have been looking for the right opportunity and we finally found it in Clerkenwell.
“The mixed-use project, developed by Medina Investments, complements the Yotel brand perfectly. It’s dynamic, creative and forward-thinking and backed by a developer with acumen and vision.”
Zain Hussain, managing director of Medina Investments, added: “We have many years’ experience in site acquisition, planning and development and our vision is to expand our investment and development activity with a sustainable strategy.
“Clerkenwell is a unique area that buzzes with creativity and this requires a similarly creative approach to development.
“I’ve no doubt that between our talented team and the Yotel brand this hotel will be ‘the’ place to stay in the City’s coolest new neighbourhood.”