Contractors line-up for £126m Stratford double hotel

Aaron Morby 7 years ago
Share

Development manager Union Hanover Securities has gained planning for a £126m dual hotel scheme at Stratford City in East London.

The East Village E20 scheme will consist of a 137-bed Adagio aparthotel and a 249-bed boutique hotel called the Penny Brook.

The Enquirer understands that McAleer & Rushe is among the favourites to take the deal.

One rival contractor said: “The word is that McAleer & Rushe have been in fairly serious talks about this and are battling it out with one rival at the moment.”

The Penny Brook Hotel, which forms a 25-storey tower with striking recessed facades, will offer 249 guest rooms, while the Adagio aparthotel is split between 95 studios and 42 one beds.

Union Hanover said it aims to begin work on the scheme before the year end.

Penny Brook Stratford City

Designed by New York architects Grzywinski + Pons, the Penny Brook development includes large ground floor restaurant and café area along with conference space. The tower will also boast a top floor restaurant and lounge.

Tower 8 is acting as the project manager with DBK acting as cost consultant while GL Hearn is advising on planning.

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.

“The Adagio transaction has allowed us to finance a destination hotel on a lowly leveraged basis.”

Union Hanover Securities  is acting as development manager for its client The Penny Brook (Guernsey).

Latest news

Plans in for Brentford 110-flat canalside scheme

Makers’ Yard mixed commercial and residential use scheme
59 mins ago

Kier pulls off contracts league double in July

Contractor bags highest value of new work and tops rolling 12 months ranking
41 mins ago

Hinkley Point C giant water intakes craned onto seabed

Video: contractors complete one of the world’s most complex marine engineering projects
8 mins ago

Taziker revenue jumps 30% to record £73m

Multi-disciplinary engineering specialist boosts headcount to 366 staff
41 mins ago

Consultant buys scaffolding contractor

RSK Group makes MG Scaffolding its latest acquisition
19 mins ago

M&E specialist gears up for £16m Aston Martin package

Major package award on McLaren Silverstone site
6 mins ago

WSP to buy consultant RPS Group for £591m

5,000 staff at Oxfordshire based firm to join WSP
1 day ago

Countryside puts offsite factory up for sale

Offers invited for Bardon plant which is less than a year old
24 hours ago

M&E specialist Spie UK arm returns to profit

French parent group launches a strategic review of UK operations after performance stabilises
1 day ago

Site boss fined for locking out safety inspectors

Police called to enter site before fire fighters rescue workers stranded on roof
1 day ago

Rebid starts for £200m M5 junction job

Cost inflation forces retender for £200m junction 10 rebuild near Cheltenham
24 hours ago

New Downing Construction boss named

Andy Thomas takes top job as Ian Orton steps back after 24 years
1 day ago

Plans in for 600 homes at London Aylesbury estate

Notting Hill Genesis aims to start work next year on phase 2 of Southwark estate rebuild
1 day ago

Tide gets green light for UK’s tallest modular tower

Volumetric specialist to build 48-storey student skyscraper at Canary Wharf
3 days ago

TopHat cuts losses and aims for profit in three years

Modular specialist investing for future as latest results show £19.4m loss
2 days ago

Story Contracting names next chief executive

Andy Joy to be promoted to CEO as Jason Butterwork becomes vice chairman
2 days ago

Stalled £100m North London build-to-rent tower to start

Essential Living commits to start Swiss Cottage scheme six years after planning OK'd
2 days ago

Bidding starts for Pagabo £1bn medium works deal

Extra small project lot added in framework renewal
2 days ago

Vital funding deal for £50m A38 Midlands upgrade

Work could start early next year on A38 BREP now out to tender
2 days ago

Graham wins £16m National Railway Museum job

Firm seals pre-construction deal as new museum Central Hall gets planning green light
2 days ago

Demolition starts on half-built £48m Taylor Wimpey flats

Furious local residents blast house builder over "unbearable" noise
5 days ago

Civils contractor fined £600k after boy dies in drainage pipe

Workers find seven-year-old who suffocated on housing site
6 days ago

Plan for trio of towers at old Yorkshire Post site

Galliford Try advises on construction plan for Leeds student and build to rent towers
5 days ago

Insolvency to rival inflation as project cost threat

Inflationary pressures likely to peak this year before easing in 2023, but supply chain stress is growing.
5 days ago

B+K starts £300m Sheffield West Bar scheme

Funding deal triggers start on major mixed-use scheme
5 days ago

Willmott Dixon bags £44m Passivhaus leisure centre

Private builder prepares to start Staines-upon-Thames complex
5 days ago

Go-ahead for £160m Cambridge mixed-use scheme

Devonshire Gardens will consist of 70 private rental flats and 120,000 sq ft of offices
5 days ago

Construction buyers report first drop in output for 18 months

Civil engineering worst performing sector
6 days ago

Construction and infra margins hit 3.2% at Morgan Sindall

Contractor picking deals carefully as inflation continues to bite
6 days ago

Morrisroe Group revenue tops £200m

Pre-tax profit halves to £2.7m as cost inflation bites
6 days ago

Contractor services