Queensgate Investments Fund has joined with private investors in a joint £285 million venture to purchase the 3 hectare site on which Anschutz Entertainment Group (AEG) planned to build a 450 bedroom luxury hotel and major conference centre, as well as private serviced apartments.
It is understood that AEG retains a share in the development.
The site is directly linked to the O2 Arena on London’s Greenwich Peninsula, and construction is expected to begin this spring with completion in 2015.
It is also understood that a hotel management contract will be entered into with Arora, which already operates in excess of 2,800 rooms in the UK.