Croydon Council has made an offer for the freehold of The Croydon Park Hotel as part of its drive to seek innovative ways to generate income for frontline services.
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, helping to protect local services for residents.
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.
“This purchase will enable us to bring in additonal 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.”
Councillor Simon Hall, cabinet member for finance and resources