Scarborough Borough Council has purchased the town's Travelodge Hotel.
Last month The Scarborough News told you that the council was looking to buy the 104-bedroom hotel on Saint Nicholas Cliff as part of its Commercial Property Investment Strategy.
A month later, the sale has been completed and the six-storey building, let to Travelodge Hotels Limited for an unexpired term of almost 30 years, now belongs to the council.
However, it has not been revealed how much the authority paid for the property, which was on sale at a starting price of £14 million.
According to the council, the move will enable them to achieve the required £5 million budget savings in the next three financial years whilst continuing to provide front-line services.
Cllr Derek Bastiman, Leader of Scarborough Borough Council said: “This is our first major investment aligned with our Commercial Property Investment Strategy and I am delighted that the sale has been completed. With Scarborough’s previous accolade of being the country’s most visited place outside London for overnight domestic stays, the purchase of the Travelodge Hotel building presented us with an ideal opportunity.
“Moving forward, we are very much open to exploring other investments in our drive to achieve a balanced budget and we will continue to actively seek suitable opportunities.”
You can read our original story here: Council in bid to buy Scarborough's Travelodge