Union Hanover Securities has submitted a planning application for a £100m-plus dual hotel scheme at East Village, the area in Stratford, east London, which is currently being transformed from the former Olympic Village.
It will include a restaurant and café on the ground floor, restaurant and lounge on the 25th floor and extensive conference space. Union Hanover is currently talking to a number of food and beverage operators to manage these spaces.
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 and social hub for East Village.
"The Adagio transaction has allowed us to finance a destination hotel on a lowly leveraged basis."
New York-based Grzywinski + Pons Architects will oversee the design of the 25-storey tower. Architect Matt Grzywinski said: "We have worked hard to ensure our contribution is both ambitious and of an appropriately high calibre befitting its setting."
If planning permission is secured, construction will start before the end of the year, with an opening scheduled for 2018.