Myth: We are spending additional money to take control of the hotel.
Fact: No new money has been paid by us to take ownership of the hotel.
The developer of the hotel was put into administration on 17 October 2023. To protect our financial position, and to ensure construction of the hotel is completed as quickly as possible, Cabinet Members agreed to submit a credit bid for the hotel up to the value of our loan at a meeting on 30 May 2024. This bid, made using our outstanding debt, was subsequently accepted by the administrators.
It remains our overriding priority to see the hotel completed as quickly as possible, thereby protecting our investment in the development and making sure the Hilton Hotel is built to completion.
You can find out more about the project on our Hilton Hotel development at Fletton Quays webpage.