PPHE Hotel Group is set to buy out the Reuben brothers' 50% stake in Art'otel London Hoxton for £35m.
PPHE announced that one of its subsidiaries has exchanged contracts to buy the other 50% interest in Aspirations, the joint venture company that owns the site on which the Art'otel London Hoxton is set to be developed.
The group said the acquisition will enable the company to "control the timetable" for the construction of the 318-bedroom hotel.
The company initially entered into the joint venture in 2008 by investing £11m for its 50% interest. The hotel was granted planning permission in 2010 and originally scheduled to open in 2012.
The sale is expected to complete by the end of March and construction is now expected to commence in the second quarter of this year.
Boris Ivesha, president and chief executive of PPHE Hotel Group, said the hotel is "part of realising the next phase of growth" for the company, and will "complement" the Art'otel London Battersea Power Station, which is under construction and expected to open in 2019.
There are six Art'otels in Europe: four in Germany, one in Budapest and one in the Netherlands. PPHE group's portfolio of owned, leased, managed and franchised hotels comprises 39 hotels, with two more planned by the end of 2021.
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