Lynn’s Quality Hotel on Hardwick Narrows is one of a group of five hotels throughout East Anglia which have been saved from closure following a rescue package from RBS.
The 50-bed three-star hotel along with four others in Bury St Edmunds, Colchester, Peterborough and Stevenage faced being shut down immediately with job losses after RBS’s tenant filed for administration.
As freeholder of all five properties, RBS negotiated the acquisition of the tenant’s fixtures and fittings from the adminstrator and the surrender of the leases.
RBS have passed management of all five hotels to Jupiter Hotels Management Ltd, a new company created by Jupiter Hotels, RBS’s 50-50 hotel investment venture with Patron Capital.
“This enabled RBS to keep five important local businesses open, secure jobs of over 130 employees and honour the bookings for 67 weddings and events where deposits had been taken,” said a spokesman for RBS.