Arranged by Bank Hapoalim B.M., PPHE Hotel Group has entered into an agreement to fund the hotel’s development.
The total project costs remaining is approximately £200 million.
Boris Ivesha, President and CEO at PPHE, said: "We are pleased to have secured funding to develop art’otel London Hoxton with Bank Hapoalim B.M. which has been a long standing partner of the group funding several of our other key properties, including Park Plaza Westminster Bridge London which opened in 2010."
As you would expect from this boutique, the 343-room will include five floors of office space, a gym, swimming pool and wellness facilities, as well as an art gallery space. Gear Construction UK Ltd is to design and build the hotel on a "turn-key" basis.
Once considered one of the dodgier ends of London, Shoreditch has risen to become one of the city’s most sophisticated neighborhoods. The area is a perfect fit for the brand, whose identity centers around art and culture.
In November 2019, Boris Ivesha declared, "Working with the local and art community will be one of our main priorities and we are already committed to the gallery being open to the public for free use throughout the year."
Designed by architectural firm Squire and Partners, the hotel is based on a cylindrical form, which, "through the design process, the cylindrical shape evolved into a fractured cogwheel form in plan, rising and adapting in response to its context and functions."