Budget hotel chain, Travelodge, has exchanged contracts for a development near Waterloo, PropertyWeek has reported.
The developer, Ebury Securities, has planning approval to convert St Georges House into a budget hotel with 284 rooms and create 14,000 sq ft of office space.
Travelodge has ambitious plans it has pledged to invest more than £900 million in London and hopes to increase its total number of rooms to 70,000 by 2020.
The company’s development director, Tony O’Brien, explained that the Olympics were central to its plans.
"With the Olympics on the horizon, London will see a significant increase in business and leisure visitors from all over the world. We want to give these visitors every reason to return up to and beyond 2012," he said.
Waterloo is the largest station in the UK, it covers more than 24 acres and is close to new offices and business property.