Complex Development Projects (CDP) has completed a £120 million deal that will be the key to the creation of a new boutique hotel in Coventry city centre.
The developers, based in London and Coventry, have signed contracts with Coventry City Council, Olympian Homes and Bespoke Hotels for the redevelopment of a 2.5-acre site in the city centre.
CDP, which has been behind several successful regeneration schemes in the city, will now start work to create an 88-room hotel in the 1950s former headquarters of the Coventry Evening Telegraph.
The 50s-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.
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.
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.
Ian Harrabin, of CDP, said:
“We are aiming to create a truly unique, mid-market hotel which will play on the 50s heritage of not only the Telegraph building, but also the rebirth of the city centre after the war.
“This deal is the culmination of two years of negotiation but marks a major step forward in the continued regeneration of the city centre and will add greatly to the visitor experience during what will be a momentous year for the city and beyond.”
CDP attends MIPIM as part of the Coventry and Warwickshire MIPIM Partnership, which is made up of around 20 private sector companies and organisations who help finance the area’s presence at the four-day event as part of the UK Midlands.