Named One Hundred Shoreditch, the hotel was once home to Ace Hotel London Shoreditch – which closed in September 2020.
Construction is currently underway to develop 258 bedrooms, six new restaurants and bars, including a destination cocktail bar and five meeting and event spaces.
The property will also feature a seafood restaurant and wine bar and an expanded rooftop terrace.
This is the second hotel Lore Group will launch in the capital, with the group also owning Sea Containers, which is located on South Bank.
Graham Sturge, managing director of RED Construction, who is overseeing the build of property, said: “We’re pleased to join a brilliant team of developers and architects to create an exciting new dining and accommodation destination for Londoners and tourists alike at a time when the industry needs it most.”