Starboard Atlantic Hotels, a joint venture between Starboard Hotels and Union Hanover Securities, is set to open a new hotel complex of up to 500 rooms in the International Quarter of London's Stratford City, the site of last year's London Olympics.
The deal was today agreed by venture partners, infrastructure group Lend Lease and UK government-owned regeneration firm London & Continental Railways, which are developing the area.
Scheduled to open in 2016, the 18-storey hotel complex will overlook the former London 2012 Athletes' Village. It will comprise the design-led Urban Villa extended-stay hotel, as well as an aparthotel and a high-end restaurant.
The 275,000 sq ft site will be within walking distance of Westfield Stratford shopping centre, which comprises shopping, restaurant and entertainment outlets.
Kristy Lansdown, Lend Lease's project director, said: "This deal represents a decisive step for the Olympic legacy. The Starboard Atlantic brand offer capitalises on the world-class infrastructure which was put in place for the London 2012 Olympics. Stratford is one of the best connected places in London."
Paul Callingham, managing director of Starboard Hotels, added: "We are thrilled to have secured such a prominent site for a hotel in the heart of the Park. Plans for creating a legacy on the site will ensure that it remains a key hub for both business and leisure in East London."
The hotel announcement forms part of a wider plan to increase the Urban Villa concept, as five new sites for the boutique, extended-stay hotels are planned across the UK.