Long-awaited sale of Peterborough's Hilton Garden Inn misses deadline

Administrators handling the sale of the nine-storey building that sits on the banks of the River Nene at Fletton Quays had three months ago flagged up July 23 as the expected completion date.

But by 5pm on July 23, Teneo had not announced the completion of the sale.

It is hoped the deal will be agreed over the next few days.

It is thought that local business people are the likely buyers and that they plan to see the building through to completion and for it then to trade as a hotel under the Hilton brand.

The decision to sell the building was taken by Peterborough City Council last November.

The council has up to £17 million tied up in the building after it lent the developer £15 million in 2017 to get construction started.

It called in the administrators two years ago after a prolonged period in which no construction work had taken place.

However, Teneo has warned that the council is unlikely to get much of its money back.

In its administration progress report in May, it stated: “It is not expected that sufficient funds will be realised (from the sale) to repay Peterborough City Council in full.”

Regarding the sale, Teneo states: “We can confirm that contracts were exchanged on April 28, 2026 for a sale of the property, with completion due to take place within 60 days (i.e. by 23 July 2026).”

Late last year, a council report into the state of the building found it suffering with pigeon infestation and water damage and had become a huge cost to Council Tax payers.

It is estimated the purchase price for the hotel will come in at about £3 million.