Indian group Bharat Hotels has acquired a former grammar school close to London's South Bank to convert into a 70-bedroom property.
Once the home of St Olave's Grammar School until it moved to Orpington in 1968, the building in Tooley Street, Southwark, more recently housed Lambeth College.
Bharat Hotels will operate the hotel, which is due to open within three years, under the luxury LaLiT brand.
The company currently operates nine luxury hotels and resorts in India, with plans to have 17 LaLiT hotels open by 2015, It is also developing a mid-market brand called LaLiT Traveller, with 25 hotels also planned by 2015.
By Janet Harmer
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