Issue details

The Cabinet Member:

1.    Noted the change of ownership of Fletton Quays Hotel Ltd from Norlin Hotel Holdings Ltd to Propiteer Hotels Ltd and

a)    approved the amendment of the terms of the facility of £15m to provide funding for the construction of a Hotel on the Fletton Quays site from  Norlin Hotels Holdings Limited and its subsidiary Fletton Quays Hotel Limited, to Propiteer Hotels Ltd and its subsidiary Fletton Quays Hotel Ltd; and

b)    approved the amendment of the term of the facility from 24 months commencing the date of SEPT 17/CAB/41 to 24 months from the date of the first drawdown

2.    Authorised the Interim Director of Law and Governance and Interim Corporate Director of Resources to exercise delegated authority to finalise and agree all necessary additional due diligence and any amendments to the business case to reflect the change of ownership and company structure noted in 1. above.

3.    Authorised the Interim Director of Law and Governance and Interim Corporate Director of Resources to exercise delegated authority to finalise and agree all necessary legal agreements with Propiteer Hotels Ltd for the purposes of facilitating these arrangements.