Exclusive hotel chain the Dorchester Collection has promised that its new London boutique property will open later this year, the latest in a series of new luxury hotels to hit the British capital.

45 Park Lane is set to officially open in September in London’s well-heeled Mayfair district, although the hotel would ‘soft’ open to guests in August.

With just 45 rooms, the hotel is likely to be one of the smallest luxury properties in the city, although the Dorchester Collection — which also operates London’s Dorchester Hotel, Paris’s Plaza Athenee and the Beverly Hills Hotel in California — seems determined to offer the facilities of a much larger property.

Ukraine’s richest man has set a record for property in Britain, spending $213 million on two London flats.

The flats cover 2,323 square metres across three floors of a luxury development overlooking Hyde Park, and have been bought by Rinat Akhmetov.

The oligarch plans to combine them to make a penthouse, including a further $93.6 million in interior improvements, according to the London Evening Standard.