Valuation delays sale of Royal Norfolk Hotel

The selected buyer, Thomas Elliott, warns the iconic building along the seafront could stay empty all summer if there is a failure to agree a deal soon.

The Observer can reveal Mr Elliott, managing director of housebuilder Herongate, agreed last month (April) to buy the three-star 43-bedroom building from Christ for the Nations UK.

But the expected completion of the agreement, for between 1m and 1.75m, has stalled because of a dispute over the historic property's valuation.

The difference is believed to be a substantial six-figure sum.

Mr Elliott said: "This is incredibly frustrating because it could mean the hotel remains closed for the summer. That is a disaster.

"We see the purchase of the hotel as in some way heralding a new dawn for Bognor. We want to breathe life back into the hotel and use the refurbishment to help kick-start the much-needed regeneration of the town.

"We have exciting plans for it in place and, had the

purchase gone ahead, we would have opened the doors on July 1.

"Believe me, we are desperately keen to buy the hotel. We want to transform it from what it is now '“ a sad, empty and forlorn place '“ into a vibrant, lively venue which offers visitors a wonderful experience."

The hotel was closed by Christ for the Nations UK on February 28 after the religious charity was let down by a previous buyer and a lack of support from its bank on top of the general poor economic conditions.

Kevin Swadling, the hotel's managing director, said he was unwilling to comment about the matter at this stage of the sale process.

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