UK: Union Hanover is to develop and operate a boutique hotel at The International Quarter, in Stratford City, east London.
UK: Union Hanover is to develop and operate a boutique hotel at The International Quarter, in Stratford City, east London.
It has bought Starboard Hotels’ share in the project and completed the land purchase at Lend Lease and London & Continental Railways mixed-use project.
The 220-room project is called The Penny Brook and will feature a roof top bar, a restaurant, 15,000 square feet of conference facilities and a pop-up street food market designed to bring a taste of New York’s Meat Packing district to London.
Union Hanover managing director Eric Jafari said: “This a hugely exciting opportunity for us. 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. 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.”
Union Hanover initially planned a partnership with Starboard Hotels for the site, to deliver a 275,000 square feet hotel of up to 500 bedrooms, comprising Union Hanover’s Urban Villa extended stay hotel and an internationally branded hotel.
Paul Callingham, managing director of Starboard Hotels, said: “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. This deal, which delivers a strong return on our original investment without any development risk, has allowed us to make funds available for further property acquisitions. This arrangement works well for both Starboard and Union Hanover, we enjoy a good working relationship and we may work together on other projects in the future.”
unionhanover.com
