LAND that has been leased to the Holiday Inn in Leicester city centre for more than 50 years is to be sold to the hotel’s operator.
Leicester City Council has agreed to sell the ground lease for the site – the land on which the Holiday Inn stands – for £1.8million, plus a £20,000 contribution towards the council’s professional fees.
The 37,996 sq ft plot at St Nicholas Circle was leased to the original proprietor on a 99-year lease back in 1971, soon after the 194-bed hotel was built on the site.
Since then, the site has been leased to the hotel operator in exchange for an annual ground rent – currently set at £11,750 per annum.
City Mayor Peter Soulsby said: “The purchase of this freehold will bring benefits for the hotel operator, but the terms that have been agreed also represent a very good deal for the city.
“This capital receipt will make a welcome contribution to our general fund, helping to support the services that people in Leicester depend on.”
Picture caption: a view of the Holiday Inn's construction site, 1960s