The group acquired the site in June 2013 and has now been granted £80m in funding from Banque Hapoalim to redevelop it into a hotel. The planning permission and funding currently allowed for a 438 room hotel; however this may be expanded to 490 if further planning approval is granted. The hotel will also have a swimming pool, spa, bar and restaurant.
Construction work on the hotel began in April, and the funding will also cover the demolition, clearance operations and other construction and infrastructure work that is done as part of the project.
The redevelopment is part of the PPHE Hotel Group’s expansion plans, which include three new hotels in London and a €8.4m upgrade on four of its existing hotels. The majority of the group hotels operate under Park Plaza Hotels & Resorts and art'otel brands.