PPHE Hotel Group has secured £80m in funding to redevelop and build a new hotel in London's Waterloo.
The firm said it has now obtained planning permission for the development of the site located near Waterloo Station in London called Hercules House, which it acquired in June last year.
PPHE has planning permission and the funding to build a 438-room hotel with a swimming pool, spa, restaurant and bar. It said it may receive further planning approval to extend the size of the hotel to 490 rooms.
The company said that Hercules House also entered into a building contract with WW Gear Construction for the design and construction of the hotel for £63.47m for 438 rooms or £70.48m if the hotel is extended to 490 rooms.
PPHE Hotel Group operates the majority of its hotels under the Park Plaza Hotels and art’otel brands. It has a portfolio of 38 hotels offering over 8,200 guest rooms across Europe, the Middle East and Africa.