Union Hanover Securities has submitted a 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-key Adagio and a  249-key destination boutique hotel, the Penny Brook.

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 scheme includes a 530m2 ground floor restaurant, a 110m2 ground floor café, 1270m2 of conference space, a 276m2 top floor restaurant and a 276m2 top floor lounge.

Union Hanover is in discussions with a number of food and beverage operators in line with it’s objectives to forge London’s next hot spot.

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.

The architect Matt Grzywinski concluded: “We are excited to be designing a signature building within the East Village. We have been very fortunate to inherit all the great foundational work done by the London Legacy Development Corporation and the firms that set out The International Quarter, the Olympic Park and the East Village. We have worked hard to ensure our contribution is both ambitious and of an appropriately high calibre befitting its setting. It is our intention that our project, while benefiting from all that Stratford already has to offer, will help catalyse its further development into an even more vibrant and dynamic neighbourhood”.

Union Hanover Securities Limited is acting as development manager for its client The Penny Brook. Union Hanover aim to begin work on the scheme before the year end. Tower 8 is acting as the project manager with DBK acting as cost consultant while GL Hearn is advising on planning.