Croydon Council has made an offer for the freehold of The Croydon Park Hotel.
The offer has been accepted and the authority is now in the final stage of the purchase, which is expected to generate around £1m net revenue per annum.
The purchase supports the council’s financial strategy as well as its aim to invest in the borough where possible.
The current leaseholder will be responsible for the operation of the hotel.
Councillor Simon Hall, cabinet member for finance and resources, said: “This purchase will enable us to bring in additional income to the council, securing a new revenue stream to fund core services.
“At a time where government grant funding for local authorities continues to fall, we have to look at new and innovative ways to ensure we can provide services to residents. This purchase is one way to do it.”
Don’t miss out on the Develop Croydon Conference taking place at the Croydon Park Hotel on 20th November, you can book your tickets at www.developcroydonconference.co.uk
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