Plans for 100 apartments by new Hilton hotel in Peterborough approved
Plans for 100 apartments behind the new Hilton hotel at Fletton Quays have been approved by the city council.
Planning permission means the council will now look to sign off on a £15 million loan to developers Propiteer to go ahead with the properties and new 160-room Hilton Garden Inn.
A council report has revealed that the loan – which was originally agreed in October 2018 – is having to be amended due to Propiteer issuing 35 per cent of its shares to “a set of high net worth individuals”.
The council expects to make £500,000 from the deal by borrowing the £15 million at a cheaper rate of interest than it will charge the developers.
The four-star hotel is expected to be completed in spring 2021 with the apartments also finished that summer.
Documents submitted to the council have revealed Propiteer expects to make a £3 million profit from development costs of £17.2 million. This is despite paying the council £82,400 as there will be no affordable housing on-site.