Hilton Hotel project in Peterborough could be saved by new offer

The Hilton Hotel is part of the redevelopment of Fletton Quays in Peterborough

A city council has put its plans to buy a hotel building on hold after a thirty party offered to develop the site.

Construction of the new Hilton Hotel at Fletton Quays in Peterborough stalled in 2020 and the developer fell into administration last year.

Peterborough City Council has been planning to buy the freehold and oversee the project's completion.

Councillors were told on Monday that an unannounced "third party" had come forward.

At the cabinet meeting John Howard, a councillor and cabinet member for corporate governance and finance, said: "The administrator of the hotel had advised officers that a bid for the hotel has been received by a third party.

"Given the timing of the notification there has been insufficient time for officers to fully consider the implications of the bid and thereby, fully advise us as members on the options available in time for this meeting".

The issue is due to be discussed at another cabinet meeting on 22 March.

The council previously loaned developers £15m for the project - which was due to be paid back in December - and the authority estimates it will cost about £14.4m to complete the scheme.