Plans to build a new hotel between the Museum of London and the Barbican have been given the green light.
The buildings at 1-8 Long Lane will be combined and developed into a single, nine-storey hotel with 128 rooms, including a 10 per cent provision for disabled access.
It comes as figures by the Greater London Authority’s London Plan found an additional 58,000 bedrooms of serviced accommodation will be needed across the capital by 2041.
The need for visitor accommodation has been reinforced by the City of London Visitor Accommodation Sector Commercial Needs Study, dated January 2023, which identified a demand capacity for an additional 350 rooms per annum in the City of London to 2037.
Shravan Joshi, chairman of the City of London Corporation’s Planning and Transportation Committee, said: “This new hotel will deliver much needed accommodation for visitors to the City, as it continues its transformation into a seven day and evening destination.
“Its location at Long Lane is ideally suited to this vibrant area.”
He added: “The Square Mile has a unique history and culture, which naturally attracts global audiences.
“Hotel development is therefore key in supporting the business and cultural attraction of the City, especially as it complements our business function and potential for future economic growth.”
The development will join a number of other retail and hospitality developments that have been approved in the City over the past few months.
Earlier this week, a plan to add three storeys and a roof garden to the former London HQ of Deutsche Bank were also given the green light by the City of London Corporation.
The scheme, developed by London-based architects Orms will increase capacity at 75 London Wall by 40 per cent to 688,000 sq ft.
Real investors Gamuda Berhad and Castleforge Partners will be joint partners for the redevelopment, which is set to be completed in the third quarter of 2027.