Up to £80 million in funding has been secured by Park Plaza parent company PPHE Hotel Group to develop a hotel near Waterloo station in London.

The company has obtained planning permission for the redevelopment of Hercules House into a hotel after completing acquisition of the site.

Planning permission and funding is for a hotel with 438 rooms may, subject to further planning approval, be extended to 490 rooms, PPHE said today.

Additional facilities will include a swimming pool, spa, restaurant and bar, with the opening planned for September 2016.

The funding for the redevelopment has been obtained from Luxembourg-based Banque Hapoalim.

The company’s hotels include Park Plaza Westminster Bridge London, Park Plaza Riverbank London and art’otel Amsterdam.