The One Nine Elms site already has full planning for a mixed-use development of over 1m sq ft consisting of prime residential, office and retail space within two towers of 45 and 60 stories.
The scheme will now include a 160-room, five-star Wanda hotel with a skybridge connecting to two main buildings, the tallest rising to 205m.
Wanda Chairman Wang Jianlin said: “Through the international development of Wanda hotels, we are confident that we will be the leader in bringing branded Chinese luxury hotels to the global market, where they have long been absent.
“The London property market has excellent investment opportunities and we have confidence that Wanda’s strength and expertise will make the Wanda London’s premier hotel, further promoting development in the area.”
The Mayor of London, Boris Johnson, said, “I warmly welcome Dalian Wanda’s investment into London as part of our plans to dramatically transform Nine Elms into a stunning quarter of the capital, providing thousands of new jobs and homes.
“City Hall and my promotional agency, London & Partners, have worked tirelessly with Dalian Wanda Group to secure this cracking deal, which is yet another sign of the soaring global confidence in London as world-beating place to live, work and do business.”