Premier Inn's tallest hotel in the UK is to open in London's Canary Wharf after property developer Rockwell completed a £106m deal with Aviva Investors to fund its construction.
The 30-storey, 400-bedroom development has been designed by architects SimpsonHaugh and is scheduled for completion in early 2022. Additionally, 66 residential homes will be constructed on the site, which is adjacent to Westferry DLR station. .
The freehold had been bought by Aviva Investors' Lime Property Fund, with Premier Inn's parent company Whitbread acquiring a 30-year lease from them to open the hotel alongside a restaurant.
Founder of Rockwell, Donal Mulryan said: "This is a landmark development and we are delighted to complete the £106m transaction with Aviva Investors.
"It's been a pleasure to work with both Whitbread and Aviva to realise the delivery of this fantastic scheme, which will have a meaningful legacy for the surrounding area."
The Canary Wharf Westferry Premier Inn will be the group's largest hotel outside an airport.
Rockwell was founded in 2015 by property entrepreneur Donal Mulryan. It focuses on land acquisitions, planning, development management and construction.
CBRE acted as the agents on Rockwell's behalf. Lewis Corby, director at CBRE said: "We received strong investment demand, principally from institutional buyers. In the low interest environment, investors continue to be attracted to secure long dated, asset backed income. With 400 bedrooms, it is set to become the largest Premier Inn hotel in central London."