Developer and investor Union Hanover Securities has submitted a planning application for a new boutique hotel scheme at Stratford City, the former site of the 2012 Olympic Games.

Designed by New York-based Grzywinski + Pons Architects, the £100m (US$155m, €136m) dual hotel scheme has been dubbed the Penny Brook Development.

The scheme will consist of a 137-bed Adagio building and a 249-bed boutique hotel, called the Penny Brook. The Penny Brook will be a situated in a 25-storey tower, offering spacious rooms that maximise daylight. The scheme will also provide a 530sq m (5705sq ft) ground floor restaurant, 1270sq m (13,670sq ft) of conference space, a 276sq m (2,970sq ft) top floor restaurant and an accompanying lounge.

Since the 2012 Olympics, Stratford has become an established and desirable location. The hotel in the Stratford East Village area will help to further the London Legacy Development Corporation's plans to continue this legacy.

With several attractions already lined up for the Stratford site, such as a new Smithsonian Museum and a raft of developments set to blossom under the Olympicopolis umbrella, Eric Jafari, managing director of Union Hanover Securities, has described the site as ‘London’s next rising star.’