Starboard Atlantic Hotels has bought a 275,000 sq ft hotel site at The International Quarter in the Olympic Park in Stratford, east London, as tipped by Estates Gazette.
EG revealed last month that the joint venture between Starboard Hotels and Union Hanover was buying the site with backing from BridgePoint Ventures.
It represents the first commercial deal at TIQ for Lend Lease and London & Continental Railways.
Starboard plans to build a 500-bedroom, four-star hotel and aparthotel complex for which a reserved matters application will be submitted later this year. The complex is scheduled to open in 2016.
The 18-storey hotel complex will overlook the former London 2012 Athletes’ Village, now known as East Village.
It is also directly adjacent to Westfield Stratford City, Queen Elizabeth Olympic Park and Stratford International station, providing hotel guests with a unique retail, leisure, entertainment and workplace destination benefiting from unrivalled access to the City, West End and Canary Wharf.
Lend Lease expects to submit a planning application later this year for the first 350 homes on the site of the former Olympic Park. If the application is successful, the new homes will go on sale in early 2014.
TIQ project director Kristy Lansdown said: “This deal represents a decisive step for both The International Quarter and the Olympic legacy.
“The Starboard Atlantic brand offer is an ideal fit for the new commercial hub we are creating in Stratford, which capitalises on the world-class infrastructure that was put in place for the London 2012 Olympics and is one of the best-connected places in London.”
Starboard managing director Paul Callingham said: “We are thrilled to have secured such a prominent site for a hotel in the heart of the Olympic Park, close to Westfield and Stratford International.
“The Olympic Park has become one of the most iconic venues in London and plans for creating a legacy on the site will ensure that it remains a key hub for both business and leisure in East London.”
BridgePoint chief executive Eric Jafari said: “There is a clear supply gap in branded extended-stay hotels in cities across the UK and I believe that Urban Villa is the most suitable product to fill this gap.
“With five key city centre sites secured so far and over 950 units in development, Urban Villa is positioned to become the extended-stay market leader within the next five years.”
nick.whitten@estatesgazette.com
