Dominvs Group has acquired the former Tower Bridge Magistrates' Court and Police station and plans to turn it into a hotel.
The asset management firm said the Grade II listed site on London's Tooley Street would lend itself to being a 150-200 unit hotel.
Dominvs Group director Preet Ahluwalia said: "After an intensive competitive bidding process, we are pleased to have secured The Tower Bridge site. This is a once a decade investment opportunity and its prime location parallel to the Thames River and access to central and South East London, aligns with our London acquisition strategy."
This will be the eighth acquisition in the past year for the group, which now has a forecast room count of 1,200.