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Travelodge has obtained the lease at the Best Western Stansted Manor Hotel in Essex, where a conference room with capacity for 35 can be found.
The 25-year lease agreement was advised by Christie + Co and the site will now undergo a transformation to become part of the Travelodge brand.
Those looking for London venues may want to venture out of the capital to Essex, as the hotel is situated three miles from Stansted International Airport, which could prove ideal for some.
"Whilst the property market is still challenging, we have been able to add some fantastic sites to our estate such as this hotel," commented Travelodge's managing director for development Paul Harvey.
He added that the firm's "growth pipeline" for this year has got off to a "flying start".
Travelodge recently announced the opening of the Ramada Encore hotel situated in York city centre.
The company has introduced a new low-cost pricing policy at the hotel, cutting existing room rates to £19 per room.