The 130-bedroom hotel will open at Albert Embankment in early 2015 as part of IHG's plans to increase its presence in the UK and will be operated under franchise by Cannon Corporate UK.
Robert Shepherd chief development officer at IHG said: “It’s fantastic to be signing another great upscale hotel in this thriving part of London less than a year after IHG opened InterContinental London Westminster.
"We have an enormous opportunity to build on what has already been achieved in London and we are showing no signs of slowing down. The UK market offers a wealth of development opportunities that are yet to be realised. This hotel is a great example of IHG’s growth here and a strong sign of confidence in our brands.”
Cannon Corporate UK owner and director Mudhar Shawkat added: “The need for fully equipped business minded hotels is ever increasing and we’re looking forward to providing a wonderful hotel experience to our guests.”
Crowne Plaza London - Albert Embankment will open in the same year as IHG's third InterContinental hotel in the capital.
The 452-room InterContinental London The O2 at Greenwich Peninsula will operate under a franchise agreement with Meridian Hotel Operations Limited and will be managed by Arora Hotels.
Shepherd said it had been a great year for the InterContinental brand in London following the opening of its first in 36 years last year and welcomed another 'into the pipeline'.
"This location is at the heart of one of London’s most exciting development opportunities," he said. "InterContinental London The O2 will both benefit from – and be a catalyst for – growth and prosperity in this area. I’m looking forward to 2015 when InterContinental London The O2 will take its place alongside its sister properties as beacons of luxury in the capital.”
News of new signings comes as IHG, which has more than 50 hotels in London under the InterContinental, Crowne Plaza, Hotel Indigo, Staybridge Suites, Holiday Inn and Holiday Inn Express brands, announces new corporate responsibility targets for 2013-2017.
The company is looking to reduce its carbon footprint per occupied room by 12 per cent and reduce water use per occupied room in water-stressed areas by 12 per cent through its Green Engage programme. It also plans to expand its IHG Academy to provide skills and improved employability to 20,000 people over the next four years.