Issue details

Amendment to Hotel Loan Facility - KEY/17JAN2022/02

The Cabinet Member:

 

1.    Approved the amendment of the term of the £15m facility with Propiteer Hotels Ltd and its subsidiary Fletton Quays Hotels Ltd from 24 months from the date of the first drawdown to 31 March 2023.

2.    Authorised the Director of Law and Governance and Interim Director of Resources to exercise delegated authority to finalise and agree all necessary legal agreements with Propiteer Hotels Ltd for the purposes of facilitating this arrangement.

 

Decision type: Key

Reason Key: Expenditure or savings greater than £500,000;

Decision status: Recommendations Approved

Wards affected: Fletton and Stanground;

Notice of proposed decision first published: 17/12/2021

Anticipated restriction: Part exempt  - View reasons

Decision due: Not before 6th Apr 2022 by Cabinet Member for Finance and Corporate Governance

Lead member: Councillor Andy Coles, Cabinet Member for Finance and Corporate Governance andy.coles@peterborough.gov.uk

Lead director: Corporate Director Resources

Department: Place and Economy

Contact: Carole Coe, Commercial Finance Manager Email: carole.coe@peterborough.gov.uk Tel: 01733 384562.

Consultation process

Consultation has been undertaken with the Council's Quantity Surveyors working for the Council on this project

Relevant Scrutiny Committee: Growth Environment and Resources Scrutiny Committee

Decisions

Documents