The hotel is in partnership with Invesco Real Estate and property development and asset management company YardNine, as part of a major mixed-use development at 40 Eastbourne Terrace in Paddington.
Invesco Real Estate acquired 40 and 50 Eastbourne Terrace on behalf of one of its long-standing US separate account clients in July 2018, and the redevelopment of the two sites will provide 75,000 sq ft of Grade A office accommodation, with 10,000 sq ft of retail space and 7 mews houses; and the 366-bed hotel.
Whitbread said it is “investing heavily” in Paddington in response to “strong demand for its hotel bedrooms from business and leisure guests”.
Construction is due to commence in Q2 2021 and the hotel is anticipated to open in late 2023.
Jonathan Langdon, acquisitions manager for Central London at Whitbread, said: “Our business strategy is to invest in locations where we expect to see strong, long-term demand for our Premier Inn and hub by Premier Inn bedrooms. Paddington is one such market where we see this opportunity for strategic growth.
“The 40 Eastbourne Terrace development brings our three leading brands together in one building and grows our presence in the Paddington catchment to over 1,000 bedrooms. It is a fantastic addition to our network of hotels in central London and demonstrates our confidence in the future success of the capital.”