Union Hanover Securities has submitted its planning application for a £100m plus dual hotel scheme at Stratford City, East Village E20.
The New York-based Grzywinski + Pons Architects-designed Penny Brook development consists of a 137-bed Adagio and a 249-bed destination boutique hotel called the Penny Brook. It includes 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 is in discussions with a number of different food and beverage operators in line with its objectives to forge London’s next hot spot.
East Village is London’s next rising star
Eric Jafari, Managing Director of Union Hanover Securities 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.
“The Adagio transaction has allowed us to finance a destination hotel on a lowly leveraged basis.”
The Penny Brook Hotel which forms a 25-storey tower with elegant recessed facades is arranged so the 249 guest rooms have been planned to optimize daylight and sunlight. There are four principle room types which are found from floor six through to floor 22. The 137 guest rooms of the Adagio aparthotel are split between 95 studios and 42 one beds and are designed to brand standards and archetypal layouts.
Union Hanover Securities Limited is acting as development manager for its client The Penny Brook (Guernsey). Union Hanover aim to begin work on the scheme before the year end.