Green Rooms is the brainchild of social entrepreneur Nick Hartwright and has the backing of hotel entrepreneur Kurt Brendenbeck and the Mayor of London.
With prices starting from £18 a night, the hotel will offer 20 double rooms, two 12-bed dormitories and two studio apartments.
Green Room's founder described the site as ‘an affordable place for artists, creatives, style enthusiasts and the wider community to stay, work, learn, play and collaborate’.
Despite the boom in budget hotel brands in London, Hartwright said there was still a shortage of cheap, good quality rooms.
“We set out to create something completely new and different with Green Rooms, and I believe we’ve done that – this is the UK’s first hotel social enterprise," he said.
“There are thousands of hotels in London but there’s a real shortage of affordable hotel accommodation that doesn’t compromise on quality.”
The four-storey art deco hotel will occupy the former North Metropolitan Power and Electricity Company building opposite Wood Green tube station.
Green Room's restaurant will offer rent-free residencies to emerging restaurateurs, designed to act as a ‘supportive training ground’ for chefs to develop their brand over a 12 month period.
It will also run both an artist-in-residence programme, supported by Arts Council England, and an ‘insiders scheme’ providing discounts and previews across restaurants and cultural venues across London.
“We’re very confident that artists, creatives, style enthusiasts and the wider local community will love staying and working at Green Rooms,” said Hartwright.
“It’s going to be an exciting, inclusive and accessible creative environment, and we can’t wait to open our doors.”
Green Rooms will soft launch at the end of March next year before officially opening in April.