The four-star Holiday Inn London-Stratford City will have 188 rooms and the Staybridge Suites London-Stratford City will have 162 suites when they open in spring 2012.
Cycas Hospitality, a subsidiary of the purchaser, will operate the hotels under a franchise agreement with the Intercontinental Hotels Group (IHG).
Westfield will build the hotels, which will be situated adjacent to the Stratford rail station at the centre of the Westfield Stratford City shopping centre development.
Cycas Hotel Partners director John Wagner said: "The new hotels will be situated in one of London’s most important new developments. The opportunity to be open and a part of the Olympics and the Olympic legacy will give these hotels a head start in introducing a new standard and in the case of Staybridge Suites, a new concept, to the growing east London neighbourhood."