Decision Maker: Strategy and Resources Policy Committee
Decision status: Recommendations Approved
Decisions:
13.1
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The Director of Finance and Commercial Services
submitted a report setting out proposals in respect of management
arrangements for the Heart of the City II (HOTCII)
Scheme.
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13.2
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RESOLVED UNANIMOUSLY: That Strategy and
Resources Policy Committee:-
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(a) delegates
approval of the financial arrangements as set out at section 1.4 of
the report to the Director of Finance and Commercial Services, in
consultation with the General Counsel and Chairs of the Strategy
and Resources and Finance Committees; and
(b) delegates
approval for the property arrangements as set out at sections1.13
and 1.15 of the report of the Director of Finance and Commercial
Services, in consultation with the General Counsel and Chairs of
the Strategy and Resources and Finance
Committees.
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13.3
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Reasons for Decision
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13.3.1
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The decisions to
operate a hotel within the HOTCII development and select Radisson
as the operator under an IMA have already been made. This report
allows the council to operate the hotel in an efficient manner
whilst preparing for the eventual sale of the asset at a future
date.
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13.4
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Alternatives Considered and
Rejected
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13.4.1
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The alternative course of action would be to not enter the
arrangements outlined. The main disadvantage to this approach
arises when the hotel is sold, which is the current expectation
with the HOTCII business case. This would attract increased SDLT
costs for a purchaser and is likely to result in a lower sale
price.
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Publication date: 22/04/2024
Date of decision: 17/04/2024
Decided at meeting: 17/04/2024 - Strategy and Resources Policy Committee
Restricted enclosure View reasons restricted
Restricted enclosure View reasons restricted