Croydon Hotels has selected Ardmore Construction to finish a 12 floor Hampton by Hilton hotel.
Bowen Construction was originally awarded the contract to build the new hotel close to East Croydon station.
But the firm ceased trading in May after a subcontractor issued a winding-up petition against it over an unpaid £200,000 bill.
A few weeks ago the parent Irish company Bowen finally fell into liquidation.
Now Ardmore has stepped in to save the job and will complete the construction and fit-out of the 120-bed hotel at 29-30 Dingwall Road.
The project includes banqueting rooms on the 1st floor and office accommodation on the 2nd floor.
The new Hampton by Hilton Hotel is aiming for a BREEAM rating of Very Good, with practical completion expected by end of November .