A £250m futuristic hotel, which has been dubbed the "Spaceship" has been given the go-ahead by the City of London Corporation.
The Will Alsop-designed building will have 251 bedrooms, a two-lane infinity rooftop swimming pool, and extensive banqueting facilities.
It will replace the existing Mermaid Conference and Event Centre, which is on the site of the controversially-demolished Mermaid Theatre.
The highly distinctive design will incorporate outer cladding made from a combination of translucent concrete and glass, with the Thames-side façade to be constructed entirely from glass.
A hotel operator has yet to be found for the property, which has been designed to ensure that the views of St Paul's Cathedral remain uncompromised.
By Janet Harmer
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