A 220-bedroom New York-inspired hotel is to be developed in Stratford City, east London, on a site previously earmarked for an Urban Villa extended stay hotel and an internationally branded hotel.
The change in plan for the site at the International Quarter follows the acquisition by real estate investment company Union Hanover of Starboard Hotels' share in the project and completion of the land purchase from Lend Lease and London & Continental Railways.
To be known as the Penny Brook, the £70m hotel will operate under Union Hanover's NOHO hospitality brand with the aim of bringing a taste of New York's Meat Packing district to the East End. It will feature a rooftop bar and restaurant, 15,000 sq ft conference facilities and a pop-up street food market.
Eric Jafari, managing director of Union Hanover, said the new plans would fulfil his long held dream to develop a destination boutique hotel.
"We believe that we can create a New York-inspired boutique hotel that will inject a real buzz into Stratford, which has unrivalled access to the City, West End and Canary Wharf," he said. "We are in talks with a number of high-end restaurant operators and have a number of creative initiatives which will ensure this will offer a unique hospitality experience."
Paul Callingham, managing director of Starboard Hotels, said the deal has delivered a strong return on the company's original investment and will enable it to make property acquisitions elsewhere.
"Starboard Hotels is currently looking at opportunities in key cities throughout the UK in which we can expand our portfolio of private and franchised hotels and luxury hostels," he explained.