Plans step up for Greenwich Peninsula's The O2 hotel
Construction of a luxury hotel connected to The O2 will begin this spring after the entertainment centre's owners AEG revealed Arora will run the venue.
The company also announced the exchange of contracts to the consortium which will own the £285 million venue.
A draft design for the hotel (pictured above) was released by AEG Europe in 2010 after it submitted a successful planning application to Greenwich Council.
The proposal was for a 21-storey, 452 bed hotel with a maximum height of 78 metres.
Also included was a separate building of 23 storeys which contained 100 serviced apartments, a ballroom and a health spa, as well as event and meeting space.
It was announced on Monday that Queensgate Investment Fund I and a number of private investors bought the land off AEG, which will retain an interest in the site.
Construction is due to begin in the next couple of months and be completed by 2015.
Regarding the deal, AEG president and chief executive Jay Marciano said: "We are very confident that the Arora team and our co-investors will ensure that the delivery of the hotel, serviced apartments and ballroom will be a major further piece in the jigsaw for the regeneration of the Greenwich Peninsula."
Surinder Arora, founder and chief executive of Arora, which owns venues at Heathrow and Gatwick, added: "The development will add high-quality accommodation and conference inventory to a vibrant and growing part of London."