Asian group Dorsett Hospitality International is to develop a second hotel in London, after acquiring a nine-storey office building in the City.
Located in Aldgate High Street, the Matrix House building - bought out of administration for £14m - will be converted into a 260-bedroom hotel, with the addition of three floors, at a cost of £21m.
It will be the second hotel for Dorsett, which is set to open a new 242-bedroom hotel on the site of the former Pavilion Cinema in Shepherd's Bush, in 2014.
Winnie Chiu, president and executive director of Dorsett, said: "We consider the United Kingdom as one of the most popular destinations for tourists and business travellers around the world. Major European countries including the United Kingdom are attracting an unprecedented number of Chinese tourists."
Chiu added that the group is looking at a projected room rate of £127 to £147 and an occupancy rate of 75% to 82% at the City hotel.
Dorsett Hospitality International, previously known as Kosmopolito Hotels International, currently operates 17 hotels in locations including Hong Kong, Shanghai and Kuala Lumpur and is developing an additional seven properties. The group owns and manages four hotel brands - the upscale Grand Dorsett, Boutique Series by Kosmopolito, midscale business brand Dorsett Regency and value brand Silka Hotels.
By Janet Harmer
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