The Matrix, London is to be refurbished after being acquired by Hong Kong-based Dorsett Hospitality International.
The London hotel, based near Fenchurch St, will have three floors added to its existing structure to create a nine-storey property with 260 rooms.
It will cost around GBP21 billion and be Dorsett’s second hotel in the capital after the Dorsett London in Shepherd’s Bush opens in 2014.
The hotel group has sold off a property in Hong Kong to balance its books with The Matrix, which is due to reopen in 2015 with rates between GBP127 and GBP147.
Winnie Chu, president and executive director at Dorsett said Chinese travellers’ habits were a core part of the decision to focus on the UK.
“In alignment with our development and ‘Chinese wallet’ strategy, we had entered the UK hotel market with the successful acquisition of Dorsett London located at Shepherd’s Bush in August last year. With the addition of the group’s latest acquisition of The Matrix, Dorsett Hospitality International will reinforce its presence in the UK market and position with a total combined room inventory of close to 600,” she added.