Joint venture partners Lend Lease and London & Continental Railways (LCR) have exchanged on the first commercial deal at The International Quarter, Stratford City.
Starboard Atlantic Hotels LLP, a joint venture between Starboard Hotels and Union Hanover Securities, has unconditionally exchanged to purchase the site to build a 275,000 sq ft hotel of up to 500 bedrooms, comprising the design-led Urban Villa extended stay hotel and an upmarket internationally branded hotel. A reserved matters application will be submitted later this year with the complex 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.
4-star hotel, luxury aparthotel, first-class dining…
Paul Callingham, managing director of Starboard Hotels, says: “We are thrilled to have secured such a prominent site for a hotel in the heart of the 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. The Starboard Atlantic Hotels offering will provide a mix of four-star hotel space, luxury aparthotel and first-class restaurant facilities. We are in discussions with a number of brand partners for the hotel itself, whilst we will be expanding the Urban Villa concept, currently being rolled out across the country by Union Hanover”
BridgePoint Ventures CEO, Eric Jafari, says: “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.”
About Starboard
Starboard Hotels is an owner, developer and operator of franchised and branded hotels, and boutique five star hostels situated throughout the UK.
Starboard Hotels is a franchisee of Intercontinental Hotels Group (IHG) and Wyndham Hotel Group, its current portfolio of hotels includes Holiday Inn Express Burnley, Holiday Inn Corby Kettering, Quality Hotel Leeds Selby and the award winning Days Inn Wetherby.
In 2013, Starboard Hotels embarked on a joint venture deal with BridgePoint Ventures, an international boutique investment firm, in association with IPIN Global, and introduced a new brand of boutique hostels, HOAX. HOAX will be added to the firms existing portfolio of hostels which already includes the award winning 620 bed space Smart City Hostel in Edinburgh.