A 104-bedroom Travelodge is to be developed as part of a wider residential scheme Greenwich, South London.
Construction of the property will begin in October following an agreement for funding for the £8.6m project by joint venture partners Cathedral Group and Development Securities.
Due to open in September 2014, the hotel will be located adjacent to the Greenwich Docklands Light Railway and the mainline station, and near to the National maritime Museum and the Cutty Sark.
It is situated within The Movement development, which is currently under construction and incorporates 181 residential apartments, 358-student apartments to be occupied by the University of Greenwich, a health and fitness club, convenience food store, nursery, bicycle café and business units.
Tony O'Brien, UK development director of Travelodge, said: "We are delighted that funding for this scheme has been secured. It is a fantastic location and a great development to be part of. We have two other hotels in the Borough, opposite the Deptford Bridge DLR Station and in the centre of Woolwich, and both trade really well."