The Royal Hotel Auction: It's hard to believe if someone tells you that a luxurious hotel is being sold for a mere 118 rupees. But this is the reality in the town of Kettering, England. Here, a historic hotel is up for auction for just 1 pound, approximately 118 rupees. This hotel is no ordinary building; it's a grand heritage dating back 147 years. It has hosted everyone from British royalty to the great author Charles Dickens. However, this hotel is now being sold at such a low price due to financial constraints and unfulfilled dreams.
Bought for 26 Crores, Spent 38 Crores More, Still Unfinished
The current owner of this hotel is property developer Naeem Paiman. He purchased the Royal Hotel in 2020 for approximately 26 crore rupees. He spent an additional 38 crore rupees to renovate and refurbish it. 12 crore rupees were spent solely on restoration and interior work. Despite this, the hotel could not be fully completed.
Now, Paiman has neither the time nor the money. Therefore, he decided to sell it for just 1 pound. There is no minimum price set in this auction, meaning the hotel will be sold without a reserve price. However, there is also a condition – the buyer will have to spend approximately 12 crore rupees more to complete the unfinished project.
What's Special About This Hotel
The Royal Hotel has a rich and glorious history. The hotel was established in 1878 when the Duke of Buccleuch built it in the Jacobean style. Later, it was sold to Pickering, Phipps & Company, a brewery.
Queen Victoria of Britain also stayed in room number 12 of this hotel. It was after her visit that its name was changed to Royal Hotel. In 1835, the famous writer and journalist Charles Dickens also stayed here when he came to report on an election.
The hotel has a total of 43 rooms. Additionally, there is a large ballroom, a glass-domed billiard room, an old bar, and large halls for various events. In other words, it is not just a hotel but a living picture of British history.
The Owner's Unfinished Dream
Naeem Paiman envisioned developing this hotel into a royal wedding venue, a nightclub, a restaurant, and a cafe. His aim was to revive this historic place and make it the identity of Kettering town. But unfortunately, he did not receive as much financial help as he had hoped.
He stated that an investor was ready to give approximately 4 million dollars, but later he also decided to back out. After this, Paiman was compelled to make the decision to auction the hotel.
Auction to be Held on July 31st
This unique auction of the Royal Hotel will be held on July 31st. Anyone who is interested in preserving this heritage and fulfilling its dream can participate in it. However, the buyer has to keep in mind that although the hotel is available for only 118 rupees, a very large investment will be required.
Discussions are happening not only in Britain but also worldwide regarding this auction. It is considered a unique case in the property market. Usually, crores are bid for such a magnificent and historic property, but here the situation is reversed.
The Last Hope to Save the Hotel
Paiman has also made it clear that he does not want to sell this hotel to a real estate builder who would convert it into apartments or a commercial project. He wants whoever the buyer is to realize his unfinished dream and revive this heritage with its dignity.
He believes that this hotel is not just a building but a symbol of British history and culture. It contains emotions and years of history. Therefore, it needs a responsible and sensitive owner.
Pride of Kettering Town
Kettering, England, is a small but historic town known for its old buildings and architecture. The identity of this town is also associated with the Royal Hotel. Memories of the hotel's old days are still on the tongues of the local people.
Many people hope that this hotel will shine again and increase the influx of tourists to the city. It can not only become a tourist destination but also give new life to the local economy.
