Purpose

To inform Cabinet of the outcome of the soft market testing of the hotel, and update on the work to inform the costs and process if the council decides to develop the hotel itself.

Decision

The Cabinet resolved to:

1. Agree that, if the option of selling the asset directly from administration to the preferred third-party bidder is more economically advantageous to the Council than purchasing the asset, the Council should step aside to allow that sale to occur.

1. Agree that, if a sale directly to the preferred third-party bidder cannot be completed within a timely fashion the Council should complete the acquisition of the hotel asset.

1. Delegate authority to the Executive Director of Corporate Services, in consultation with the Cabinet Member for Finance and Corporate Governance and Director of Legal and Governance, to take necessary actions to achieve the most economically advantageous outcome for the Council, in line with the above recommendations (if approved) and the Cabinet’s previous decisions in relation to this matter, which are referred to in section 11 of this report.

The report can be found at the bottom of the page