£120m funding deal for hotel and student flats agreed

A £120m deal for a new boutique hotel in Coventry city centre and accommodation for more than 800 students has been completed, paving the way for work to start.Complex Development Projects (CDP) has signed contracts with Coventry City Council, Olympian Homes and Bespoke Hotels for the redevelopment of the 1950s former headquarters of the Coventry Evening Telegraph which will be transformed into an 88-room hotel.The 1950s-styled hotel which will be operated by Bespoke Hotels, will feature a roof-top bar, a restaurant and conference rooms as well as a range of two-storey ‘loft style’ bedrooms in the former print room.As part of the transaction, Olympian Homes will build student accommodation at the rear of the site, phase one of which will feature 823 rooms and will be ready for occupation in September 2020.It is due to open in time for the city’s year as UK City of Culture in 2021 and will be showcased at MIPIM, the world’s largest property investment and development show in March.Planning permission for the hotel was granted by the city council in July 2018.