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Travelodge Hotel Plans Unaffected by Haymarket Theatre's Collapse

Strategic Insights

— 1 min read

The collapse of the Haymarket Theatre due to financial difficulties caused by the coronavirus pandemic will not impact plans to build a 67-bed Travelodge hotel next to the venue, according to Leicester's mayor, Sir Peter Soulsby. The hotel project, part of a £10 million Leicester City Council initiative, involves converting disused office space and includes a major refurbishment of the Haymarket's multi-storey car park. Although the theatre's liquidation is a significant setback, the mayor remains optimistic that the venue will reopen under new management. The council has a 99-year lease on the theatre and has been paying £180,000 in service charges and security costs.

Key Takeaways:

  • The Travelodge hotel project will not be affected by the Haymarket Theatre's collapse, according to Sir Peter Soulsby.
  • The hotel project is part of a £10 million Leicester City Council initiative, which also includes a major refurbishment of the Haymarket's multi-storey car park.
  • The council has a 99-year lease on the theatre and has been paying £180,000 in service charges and security costs, which was taken over by the consortium earlier this year.
  • The consortium had agreed to pay the council £40,000 in rent from 2022, but the collapse of the theatre has halted these plans.
  • Sir Peter Soulsby is confident that the Haymarket Theatre will reopen under new management, despite its current liquidation.
  • The hotel plan is not directly related to the theatre's operation, but rather the car park refurbishment project.
  • The council has been paying £180,000 in service charges and security costs for the theatre since the consortium took over the sub-lease.

Statistics:

  • £10 million: The value of the Leicester City Council initiative, which includes the Travelodge hotel project and the Haymarket car park refurbishment.
  • 67: The number of beds planned for the Travelodge hotel.
  • £180,000: The annual service charges and security costs paid by the council for the Haymarket Theatre.
  • 99 years: The length of the council's lease on the Haymarket Theatre.
  • 2022: The year by which the consortium had agreed to start paying the council £40,000 in rent.

Sources:

  • Sir Peter Soulsby, Leicester's Mayor
  • Leicester City Council
  • The consortium managing the Haymarket Theatre

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