The development, designed by New York-based Grzywinski + Pons Architects, would include a 137-bedroom Adagio aparthotel with both studio rooms and one-bed apartments, and a 249-bedroom destination boutique hotel called the Penny Brook.
Union Hanover originally made plans for the Penny Brook Hotel in Partnership with Starboard Hotels, but bought the hotel group out of the project after signing a deal which will see Adagio operate the aparthotel on the development.
“The Adagio transaction has allowed us to finance a destination hotel on a lowly leveraged basis,” said Eric Jafari, managing director of Union Hanover Securities.
The new plans for the hotel comprise a 25-storey tower with ‘elegant recessed facades’ arranged for optimum sunlight, with four principle room types found from floor six through to floor 22.
“We are excited to be designing a signature building within the East Village. We have been very fortunate to inherit all the great foundational work done by the London Legacy Development Corporation and the firms that set out The International Quarter, the Olympic Park and the East Village,” said architect Matt Grzywinski.
“We have worked hard to ensure our contribution is both ambitious and of an appropriately high calibre befitting its setting. It is our intention that our project, while benefiting from all that Stratford already has to offer, will help catalyse its further development into an even more vibrant and dynamic neighbourhood”.
Food and drink offering
The development would also include a 530 sq m ground floor restaurant, a 110 sq m ground floor café, 1270 sq m of conference space, a 276 sq m top floor restaurant and a 276 sq m top floor lounge.
Union Hanover said it was in discussions with a number of ‘exciting food and beverage operators’ to fill these spaces. It previously indicated that it was planning a pop-up street food market offering designed to reflect the Meat Packing district in New York.
Jafari said: “It is apparent to anyone paying attention to trends that East Village is London's next rising star. It boasts excellent transport links, huge retail footfall, the millions of square feet of office space under development and museums and other visitor attractions to come.
“The only thing missing is a destination boutique hotel anchored by a collection of best of breed food and beverage operators to serve both the local and tourist market. It is our aspiration for the Penny Brook to serve as the cultural quarter/social hub for East Village.”