Negotiation for sale of Grand Hotel under way

THE Grand Hotel may be sold within 60 days. The hotel has been in the hands of administrator KordaMentha since its doors closed last month.

The public bar, gaming room, drive through and detached bottleshops are still trading, however the main bars and nightclub remain closed.

Administrator Robert Hutson said they had received two formal expressions of interest in the hotel and they were in the process of negotiating a formal settlement.

Mr Hutson said a further 12 parties had requested information.

'All those parties who have expressed interest are Queensland based developers and or hotel operators,' he said.

Mr Hutson said he had high hopes the final sale price negotiated would be sufficient to pay out the existing creditors.

'The hotel has in excess of 40 creditors with debts around seven and a half million dollars,' he said.

'The creditors' meeting scheduled for last Friday has been adjourned for sixty days to allow us to negotiate formal settlements to present to the creditors,' Mr Hutson said.

KordaMentha was appointed as administrator on August 10, after the directors of Roseberry Developments, the owner of the hotel property and sole shareholder of Grand Hotel Operations, resolved that the company was insolvent or likely to become insolvent.

Then manager Bob See was dismissed and Michael Jones was brought in by the administrator to manage the operations.

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