International hospitality real estate group, PPHE Hotel Group, has received planning consent by Hackney Council for an improved and final development scheme of its wholly-owned Art’otel London Hoxton development.
The site, which is located on the border of Shoreditch and Hoxton, is a mixed-use scheme and will now consist of five floors of office space and 17 floors comprised of 343 hotel rooms and suites.
The remaining five floors of the development will include a gym, swimming pool and wellness facilities, as well as art gallery space with an auditorium and event space on the 24th floor with views across London.
Work on the site will take place from April 2019 and the development and Art’otel London Hoxton is expected to open in 2023.
Boris Ivesha, president and CEO of PPHE Hotel Group, said: “We are delighted to have received planning consent for our improved and final scheme to develop the Art’otel London Hoxton site into a 27-floor property.
“We have huge aspirations for our wholly-owned Art’otel brand at a global level and with developments in progress in London’s Hoxton and Battersea Power Station areas along with the recently announced New York City development we believe we can create further value for shareholders and enhance the overall guest experience.”
He added: “Since first listing in 2007, PPHE Hotel Group has significantly grown the business and has a proven track record of successful property development and creating value throughout the hospitality real estate supply chain. Recent corporate developments now mean that we have achieved the free float required for the company to qualify for inclusion in the FTSE UK series of indices.”