Spanish hotel operator Riu Hotels & Resort, run by British-German travel tourism company TUI Group, plans to inaugurate its first UK property in London.

Riu, which acquired 1 Neathouse Place in London, will convert the building into a four-star, 350-bedroom hotel as part of its Riu Plaza urban brand, to be opened by 2020.

Riu Hotels & Resort will invest around 250 million euros ($283.6 million) to cover the purchase of the building and the refurbishment as well.

Further, Riu said that the hotel will retain the structure of the building, with the interior completely refurbished and will also have other amenities including a bar, restaurant, and an open-air terrace.