Millennium & Copthorne Hotels is to acquire a luxury hotel in the prestigious Chelsea district of London for £65 million.
The Chelsea Harbour Hotel, currently operated as the Wyndham Grand, borders the River Thames and has 154 suites and four penthouses.
The primary lease to be acquired has a remaining term of approximately 98 years, M&C said.
The deal is due to be completed in the first quarter of 2014.
M&C chairman Kwek Leng Beng said: “We are delighted to be acquiring this property which will fit very efficiently into our existing portfolio of London properties.
“The Chelsea Harbour is one of the few hotels in the city to offer all-suite guest accommodation and is situated in a prestigious riverside area that will be going through further transformation and improvement in the near future.”