Work to complete sale of Peterborough's Hilton Garden Inn is still under way
Work to complete the sale of Peterborough’s partly-built and pigeon-infested Hilton Garden Inn is still under way, it has been revealed.
The reassurance comes from administrators Teneo a week after the initial deadline for the completion of the eagerly-anticipated sale of the nine storey building has passed.
Joint Administrators Gavin Park and Matthew Cowlishaw said: “The sale of the Fletton Quays hotel has not yet completed.
"The transaction is subject to a binding agreement.
“And the Administrators continue to liaise with the purchaser regarding completion.”
Teneo had flagged July 23 as the likely completion date for the sale of the hotel, which sits on the banks of the River Nene at Fletton Quays, in their May progress report.
However, the complexity of the sale has meant that completion will be longer than anticipated. No new completion date has been given.
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.
A ‘binding agreement’ means tough penalties can be imposed if the deal is not successful.
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.