The Cabinet resolved to:
(i) Approve Option B1, as detailed in Appendices 2 and 3 to the report, as the preferred option in respect of the Council’s participation in the proposed investment arrangement;
(ii) Subject to (vii) below, agree to the Heads of Terms between the Council and the Institutional Investor as detailed in Appendix 5 to the report;
(iii) Subject to (vi) and (vii) below, agree that the Council enters an Agreement to Lease with the Institutional Investor and Travelodge Hotels Limited on state aid compliant market terms;
(iv) Subject to (vi) and (vii) below, agree that the Council enters a 50-year Head Lease with the Institutional Investor on state aid compliant market terms;
(v) Subject to (vi) and (vii) below, agree that the Council grants a 35-year sub-lease with an option to renew to Travelodge Hotels Ltd;
(vi) Delegate authority to the Chief Operating Officer, in consultation with Director of Law and Governance and the Cabinet Members for Finance, Performance and Core Services and Regeneration and Social Housing, to negotiate final heads of terms, final commercial and lease terms and agree the contract and ancillary legal documents to fully implement and effect the proposals set out in the report;
(vii) Authorise the Director of Law and Governance, or an authorised delegate on her behalf, in consultation with the Chief Operating Officer to execute all the legal agreements, contracts and other documents on behalf of the Council; and
(viii) Delegate authority to the Chief Operating Officer to incorporate a special purpose vehicle (whether a company or Limited Liability Partnership) if, in the Chief Operating Officer’s opinion, that would be necessary (such incorporation to include such shareholders or member's agreement as may be required).