The founder of the Gansevoort Hotel Group, which owns two of New York's most fashionable properties, is to launch a £60m, 120-bedroom hotel in London's Shoreditch.
Michael Achenbaum has joined forces with Douglaston Development, SUSD and Hondo Enterprises to open the hotel in the Tech City area of the neighbourhood. It will feature a restaurant, bar, rooftop swimming pool, 24-hour fitness centre, 557sq m of meeting and event space.
"I'm always seeking to expand my portfolio in emerging neighbourhoods that have a vibrant social life where businesses can grow and flourish," said Achenbaum.
"Shoreditch aligns brilliantly with our vision for this project and we're thrilled to break ground during such an exciting time for the neighbourhood."
Architects Dexter Moren Associates and interior design group Design DMU aim to merge Achenbaum's high standard for style and service with an edgy look inspired by the local street art scene.
In New York, Achenbaum's company owns the Gansevoort Meatpacking and Gansevoort Park Avenue It also operates the Gansevoort Turk & Caicos in the Caribbean.
The Royal Bank of Scotland is helping to finance the development which is expected to start work in spring 2014, with the opening taking place the following year. A total of 150 jobs are due to be created by the project.