Status quo for Grand until sold



THE Grand Hotel will continue trading in its current status until it is sold.

Administrator Robert Hutson said the public bar, gaming room, drive through and detached bottle shops were trading as usual, however there was little likelihood the nightclub and lounge bar would reopen until the hotel was sold. Mr Hutson said both areas

needed extensive refurbishment and they would leave the decision as to whether they would reopen up to the new owners.

The hotel has been in the hands of administrators KordaMentha since its doors closed in August. Negotiations for the sale of the hotel are under way.

Mr Hutson said two formal ex- pressions of interest in the hotel have been received to date and he expected to negotiate a final set- tlement by the end of this month.

The creditors meeting sched- uled for late September was ad- jurned for 60 days to allow the administrators to negotiate formal settlements to present to the creditors.

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

Manager Bob See was dis- missed and Michael Jones was brought in by the administrator to manage the operations.



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