Work is under way to convert the former Lambeth Building Society HQ into a 79-room hotel. It will be the first UK branch of the far-eastern Tune Hotels chain rather than easyHotel as previously announced.
Tune Hotels currently operates low-cost hotels in Malaysia and Indonesia and has ambitious expansion plans. The chain claims to offer a 5-star experience at a 1-star price.
The company's chief executive Mark Lankester recently told The Star newspaper in Malaysia that he is considering charging as little as £35 a night when the Waterloo hotel opens later this year.
The building was previously the headquarters of Lambeth Building Society which merged with the Portman Building Society in 2006 and was soon subsumed into Nationwide.
Planning permission for the conversion of the building was granted by Lambeth Council last year.
For the latest local news and events direct to your inbox every Monday, you need our weekly email newsletter SE1 Direct.
7,000+ locals read it every week. Can you afford to miss out?
Read the latest issue before signing up