The derelict office building will be demolished later this year to make way for a 300-bedroom hotel, which is tipped to be one of the largest Hampton by Hiltons outside of the US.
Shiva Hotels, in partnership with subsidiary company Rising Star LLP, acquired the 1.5 acre site through CBRE Hotels.
Daniel Woodcock, analyst for CBRE Hotels, said full planning permission has already been granted to develop the hotel.
“At the minute it’s a derelict office building that was built in the 1960s. It will be completely demolished and there will be a brand new hotel built on it,” he said.
“From the plans it’s envisaged to be a Hampton by Hilton spec with conferencing and food and beverage provisions. I can imagine there only being one restaurant.”
The property, which was put on the market last year by receivers Edward Symmons LLP, is expected to open to the public in 2012.
A Hilton Worldwide spokesperson said: “Hilton Worldwide is in an exciting phase of growth and we are looking at many locations around the UK to introduce various brands from our portfolio.
“With more than 20 hotels across the capital we can confirm that we are close to signing a Hampton by Hilton in central London, as part of our growing relationship with Shiva Hotels. We look forward to making this exciting announcement very soon.”
David Osborne, development director for Shiva Hotels, which will operate the property once complete, said design and architecture plans were due to be finalised this week.
There are currently eight Hampton by Hiltons in the UK, in Birmingham, Braintree, Corby, Derby, Newport, Shrewsbury and two in Liverpool.
Shiva Hotels is also due to open a Hampton By Hilton near Gatwick Airport's North Terminal in 2012.