The Mount Murray hotel boss says he's confident approaches will be made from prospective buyers interested in the site.
Managing director David Lyons has confirmed a settlement reached with insurers 14 months after a huge fire, will not cover the cost of rebuilding the complex.
Its owners claim they were forced to agree an 'unsatisfactory' settlement to avoid another year of arbitration.
The hotel and country club will close permanently next Friday (6 Feb) with the loss of 30 jobs. Only the golf club will remain open.
Mr Lyons says increasing energy costs also contributed to the decision to shut the hotel for good.
He says together, the two factors have sealed the fate of the business:
Pictured: Fire engulfs the hotel 7 November 2013
Clip 1
Amber weather warning issued as strong winds and coastal conditions expected overnight
Hospice funding criticised by UK charity chief amid Isle of Man service cuts
Sailings cancelled as storm brings gale-force winds
Manx Mountain Marathon route diverted over safety concerns amid forecast strong winds
Rushen MHKs to meet with Southern Group Practice over appointment concerns