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Council paid £5m above asking price for Croydon Park Hotel

Why am I not surprised

Inside Croydon

Under Jo “We’re Not Stupid” Negrini, Croydon Council last month paid £29.8million to buy the Croydon Park Hotel – nearly £5million more than the asking price when the property was put on the market just weeks earlier.

Under new ownership: the Croydon Park Hotel

Negrini, the council’s chief executive, reckons that the Croydon Park Hotel can make £1million a year for the Town Hall’s stretched coffers.

Trade press magazine Property Week reports that Croydon Council agreed a price with owners Evans Randall Investors that is £10million more than they paid for the hotel when they acquired it less than five years ago.

Evans Randall had put the hotel on the market in June this year for just £25million.

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