The chain has conditionally acquired a 125-year lease on the building pictured. It expects to open the hotel by the middle of next year after a £8.7 million refurbishment.
easyHotel plc now operates seven hotels in the UK and expects to open more, in Leeds, Sheffield and Ipswich as well its first overseas hotel in Barcelona, this year.
Subject to planning consent, it is looking to open hotels in Oxford and Cardiff next year.
easyHotel plc chief executive Guy Parsons said: “We are delighted to have secured this site in Milton Keynes. This acquisition is part of our ongoing strategy of offering comfortable, affordable accommodation in key tourist and business locations in the UK and internationally.
“We continue to see a good number of attractive potential development opportunities, both in the UK and Europe to further accelerate the group’s growth.
"These are both larger and more numerous than we had originally anticipated. Consequently, the board is considering its finance options, which may include new equity and debt, to fund more hotels.”