Plans for 100 apartments by new Hilton hotel in Peterborough approved
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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.
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Hide AdA 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.