The new 150-bedroom hotel at LCCC's Emirates Old Trafford home would replace the current ‘outdated’ 68-bed hotel at the club, adding to the multi-million pound investment in regeneration that has already gone into the site.
Mike Blackburn, chair of the Greater Manchester Local Enterprise Partnership, said: "This agreement by the Combined Authority will enable the club to strengthen its position and its long-term growth strategy by allowing it to compete as an all-round first class sporting, conference and events venue, bringing business to the area and attracting wider investment, employment and training opportunities."
Leader of Trafford Council and portfolio holder for the skills, employment and worklessness agenda for GMCA, Cllr Sean Anstee, said: "With an ever increasing number of events taking place at the venue this additional accommodation would support the Club’s growth and offer, but also the borough and wider region in attracting further business and footfall to the region – an estimated £2.3m gross value added per annum."
The total cost of the redevelopment is expected to be in the region of £12m. The club has already secured £3m and this loan will see the total pot reach £8m. There is a proposal to fund the further £4m through a loan from Trafford Council.
David Hodgkiss OBE, Vice Chairman of Lancashire County Cricket Club, said: "Alongside the funds raised through the cricket bond this is the next stage of financing to enable the development of a new four-star, 150-room hotel here at Emirates Old Trafford."