Plans have been announced for a new £300m buy-to-let hotel at Westminster Bridge in London.

Galliard Homes and Frogmore Property Company are set to launch Westminster Bridge Park Plaza, a luxurious 14-storey apart hotel, which will replace the County Hall Island building.

The property will offer more than 900 hotel and penthouse suites for sale, with prices starting from £175,000. Investors will be offered a guaranteed 6 per cent net income return until 2015.

Facilities are expected to include two restaurants; a health spa, indoor pool and gymnasium; a ballroom and conference lounges. Rooms will feature fully-fitted kitchens, marble bathrooms and plasma televisions.

The building will be managed by Park Plaza Hotels Europe, part of Carlson Hotels Worldwide, which encompasses 900 hotels and resorts in 68 countries. Details: www.1westminsterbridge.com