Crimson Hotels has acquired London's 203-bedroom Regency hotel from Comcrest for more than £100m and will convert it into a DoubleTree by Hilton after signing a franchise agreement with Hilton Worldwide.
It will be Crimson Hotels' fourth under the brand, joining properties in London's West End, Victoria and Woking.
Crimson plans to invest £10m to convert the property to the DoubleTree brand. Plans include the addition of a new lobby, health club and meeting spaces, and refurbished bar and lounge. It is expected to open in early 2016.
Patrick Fitzgibbon, senior vice-president, development, Europe & Africa, Hilton Worldwide said: "We are opening, on average, one DoubleTree by Hilton hotel every month across Europe, Middle East & Africa. London is a particularly active market with robust fundamentals - and is now home to 10 DoubleTree by Hilton hotels.
"Crimson's strong track record with our upscale brand makes it the ideal partner with which to introduce our newest property in the capital."
CEO of Crimson, Aly Kassam, said: "This unique opportunity to renovate and rebrand the hotel under DoubleTree by Hilton is consistent with our focus on acquisition of hotels in prime locations."
CBRE acted for Comcrest.