Evans Randall put the Croydon Park Hotel on the market for £25m.
It was snapped up by Croydon Council in September that year for £29.8m – significantly more than the guide price.
In November 2020, days after the council declared itself bankrupt, the council came under fire in a report from Grant Thornton for borrowing from the Public Works Loan Board to fund property acquisitions, including that of the by then vacant hotel.
The strategy, it said, “exposed the council and future generations of taxpayers to significant financial risk”.
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