A Liverpool City Council funded hotel development will cost the local authority around £43m according to initial estimates.
The council revealed plans for a new hotel on the edge of the Paddington Village development in 2018. The 16 storey building, which has been paid for by the council, is now thought to be the tallest hotel in the city.
The four star Novotel is set to open later this year. The ECHO has now seen information about the public cost of building the hotel.
READ MORE: Liverpool still 'attracting investment' despite claim developers have 'given up on the city'
A cabinet report from 2019 puts the build cost at £40m. A second cabinet report from March his year has revealed more information about further costs to the city.
The costs include £25, 470 in insurance fees, £38,001 in maintenance fees, and £42,630 in security costs. The council agreed to pay £10,332 per month to a security contractor. The contract lasts four months.
The pre-opening budget, which covers these costs, comes to £475,205. The ECHO understands the council is expected to spend around £43m on the project.
The council expects to recover a substantial rate income from the business. A city property developer who asked not to be named questioned the location of the hotel, which is on the edge of Kensington.
The Novotel forms part of the Paddington Village regeneration project, which has been funded with loans from the government backed Public Works Loan Board.
Last week the ECHO reported that the city had borrowed over £475m since Labour gained control of the local authority in 2010. The loans, with interest, amount to over £513m.
Deputy Mayor and Cabinet Member for Finance, Councillor Jane Corbett, said that schemes such as Paddington Village were boosting the city's infrastructure.
She said: "Borrowing is used to invest in improving the city’s infrastructure and the loans span many different timeframes and schemes. It includes projects such as the Paddington Village development, regeneration of the Anfield area and investment in improving alleyways which are massively important for the quality of life for residents."
Cllr Corbett also said that Liverpool Council's borrowing was in line with that of other local authorities.
